ABUJA , NIGERIA — President Bola Tinubu has formally requested the National Assembly’s approval to secure a $21.5 billion external loan and a ₦758 billion domestic bond to address key national priorities, including infrastructure development and pension liabilities.
The request was presented during Tuesday’s plenary session of the Senate and subsequently referred to the Senate Committee on Local and Foreign Debts for further legislative consideration. A report is expected within two weeks.
According to the president’s submission, the external loan will be used to finance critical sectors such as infrastructure, healthcare, education, and water resources, in line with the administration’s development agenda.
In a separate letter, President Tinubu also sought the Senate’s authorization to raise ₦757.9 billion through Federal Government bonds in the domestic debt market. The proceeds will be directed toward settling outstanding pension obligations under the Contributory Pension Scheme, with the goal of addressing longstanding arrears and reaffirming the government’s commitment to retired public servants.
Additionally, the president requested legislative backing to raise $2 billion from the domestic market to support investments in key sectors of the economy.
By Taiwo Olatinwo/ May 28,2025
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