President Tinubu Seeks NASS Approval For $21.5bn Loan, ₦758bn Pension Bond

President Bola Tinubu has asked the National Assembly to approve a $21.5 billion foreign loan and a ₦758 billion bond to clear unpaid pensions and fund key national projects.

The Senate received the request during its session on Tuesday, and it has been sent to the Committee on Local and Foreign Debts for review, with a report expected within two weeks.

According to the details, the $21.5 billion loan is meant to support major projects in sectors like infrastructure, healthcare, education, and clean water supply.

In a separate letter, President Tinubu asked the lawmakers to approve the issuance of Federal Government bonds worth nearly ₦758 billion.

The funds would go towards clearing outstanding pension payments under the Contributory Pension Scheme, helping to fulfill the government’s obligations to retired public workers.

Tinubu is also seeking approval to raise an additional $2 billion from the domestic market to boost funding in key areas of the economy.

Earlier, the president sent a similar request to the House of Representatives, asking for approval of a revised external borrowing plan for 2025–2026.

This includes plans to borrow $21.5 billion, €2.2 billion, ¥15 billion (Japanese yen), and accept a €65 billion grant.

The President’s letter explained that these funds would be used to fix the country’s infrastructure gap, boost job creation, and improve living conditions.

The request to borrow ₦758 billion from local sources to pay pension debts was also included in the letter.

KanyiDaily recalls that President Bola Tinubu presented the 2025 budget proposal of N49.7 trillion to the National Assembly on Wednesday during a joint session.