Tinubu Seeks National Assembly Approval for $21.5bn Loan, ₦758bn Pension Bond

The National Assembly has received multiple loan requests from President Bola Tinubu, including a $21.5 billion external borrowing plan and a ₦758 billion domestic bond aimed at settling outstanding pension liabilities.

The requests were presented during plenary sessions in both chambers of the National Assembly on Monday and have been referred to the Senate and House Committees on Local and Foreign Debts for legislative consideration. The committees are expected to submit their reports within two weeks.

According to the letters read on the Senate and House floors, the proposed borrowings are designed to support Nigeria’s development agenda, especially in infrastructure, health, education, and water supply. The external loans—part of a revised 2025–2026 borrowing plan—include $21.5 billion, €2.2 billion, ¥15 billion (Japanese yen), and a €65 billion grant. These funds are intended to help close the country’s infrastructure gap, boost economic growth, and create employment opportunities.

In addition to the external borrowing, President Tinubu is seeking approval to issue bonds worth ₦757.98 billion in the domestic debt market. The proceeds from these bonds will be used to clear pension arrears under the Contributory Pension Scheme and fulfil longstanding obligations to retired public servants.

The President also requested authorisation to raise another $2 billion locally to fund critical investments across key sectors of the economy.

These loan proposals come as part of the administration’s broader economic strategy to stimulate growth and enhance public sector performance, particularly in social services and infrastructure development.