President Bola Ahmed Tinubu has formally approached the Nigerian Senate with a multi-trillion naira borrowing proposal, seeking legislative approval to secure external loans and raise domestic bonds aimed at addressing Nigeria’s pressing infrastructural and pension challenges.
According to the president’s letter read on the Senate floor, the administration is requesting the greenlight to obtain $21.5 billion, €2.1 billion, and ¥15 billion in foreign loans. The president also included a grant request of €65 million to support the nation’s development objectives.
President Tinubu explained that the foreign loans, once approved, will be channelled into vital sectors such as railways, healthcare, and other critical infrastructure, forming part of a broader national development agenda.
In a related request, the president urged the Senate to authorize the issuance of federal government bonds within the domestic debt market to offset longstanding pension liabilities under the Contributory Pension Scheme. To this effect, Tinubu is seeking Senate approval to raise ₦757.98 billion locally.
The president noted that settling pension arrears is essential to maintaining the trust and welfare of retired civil servants who have served the nation diligently. He emphasized that both the foreign loans and the domestic bonds are necessary to reposition Nigeria’s economy, modernize its infrastructure, and address social obligations that have lingered for years.
As of the time of filing this report, the Senate is expected to deliberate on the request in the coming days.
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