President Bola Tinubu has formally asked the House of Representatives to approve a new external borrowing plan totaling over $21.5 billion and a domestic bond issuance of ₦757.9 billion. The external loan aims to fund vital sectors such as infrastructure, agriculture, health, education, water supply, security, and employment generation for the 2025–2026 period. The borrowing plan includes $21.54 billion, €2.19 billion, and 15 billion Japanese Yen, plus a €65 million grant.
The President explained that this borrowing is essential due to the country’s infrastructure deficit and reduced domestic financial resources, especially following the removal of the fuel subsidy. He assured that the funds will support key projects across all states and the Federal Capital Territory, focusing on railways, healthcare, and national development programs to boost employment, entrepreneurship, and food security.
Separately, Tinubu requested approval to issue government bonds to settle ₦757.9 billion in unpaid pension liabilities under the Contributory Pension Scheme. He cited ongoing revenue challenges that have caused pension arrears, affecting retirees’ welfare. The Federal Executive Council had approved this bond issuance in February 2025. The President emphasized that settling pension debts will improve retirees’ living conditions, restore trust in the pension system, and inject liquidity into the economy.
The letter appeals for prompt legislative approval and promises transparency and accountability. The request is now with the House Committees on National Planning and Economic Development and Pensions for further review.
