President Bola Tinubu has formally written to the National Assembly, seeking approval for a substantial external borrowing plan totaling over $21.5 billion. Alongside this, the President also requested a domestic bond issuance of ₦757.9 billion to settle longstanding pension arrears.
In his communication to both the House of Representatives and the Senate, Tinubu outlined the strategic importance of the 2025–2026 borrowing plan, emphasizing that it would finance key sectors of the economy. The proposed external borrowing package includes $21.5 billion, €2.19 billion, and ¥15 billion, with an additional €65 million grant.
The President stated that the borrowing plan covers critical sectors including infrastructure, agriculture, health, education, water supply, growth, security, employment generation, and financial and monetary reforms. He underscored the urgency of pursuing prudent borrowing in light of economic realities, particularly following the removal of fuel subsidies and the resulting economic impact.
President Tinubu also sought approval for the issuance of Federal Government bonds in the domestic market to address pension arrears under the Contributory Pension Scheme (CPS). The proposed domestic bond issuance, amounting to ₦757.9 billion, aims to settle accrued pension liabilities that have become a burden for retirees due to revenue challenges.
Assuring lawmakers of his commitment, Tinubu noted that the funds would be channeled into critical infrastructure projects, including railways, healthcare, and nationwide development programs across the 36 states and the Federal Capital Territory. He added that these investments would generate employment, promote skill acquisition and entrepreneurship, reduce poverty, and enhance food security, ultimately improving the livelihoods of Nigerians.
The President’s requests have been referred to the relevant committees in both chambers of the National Assembly for further legislative review and action.
