President Bola Ahmed Tinubu has formally written to the National Assembly, requesting legislative approval for a fresh round of external loans and a domestic bond issuance to finance critical developmental projects and address pension liabilities under the Contributory Pension Scheme.
The requests, which were contained in official correspondence read by the Speaker of the House of Representatives, Hon. Tajudeen Abbas, during plenary on Tuesday, mark a significant step in the administration’s financial strategy aimed at stabilizing the economy and cushioning the effects of recent economic reforms, including the removal of fuel subsidies.
In the letters, President Tinubu sought the lawmakers’ consent for borrowing a total of $21.5 billion, €2.1 billion, and ¥15 billion, alongside a €65 million grant, all under the 2025–2026 external borrowing plan. The proposed loan and grant packages are sourced from multilateral and bilateral partners and are expected to fund strategic initiatives across the country’s six geopolitical zones.
In addition to the external borrowing plan, the President also requested approval to raise ₦757.9 billion through domestic bond issuance. The funds, he explained, would be specifically directed toward settling outstanding pension obligations, ensuring that retirees under the Contributory Pension Scheme receive their benefits in a timely and consistent manner.
According to the details of the proposals submitted to the National Assembly, the loans are earmarked for investment in key sectors such as transportation, education, healthcare, agriculture, water resources, youth empowerment, and job creation. The President stated that the funds would be deployed to expand access to clean water, construct modern hospitals, support food production, enhance railway networks, and implement job-generating initiatives aimed at reducing poverty and stimulating small-scale enterprise growth.
Tinubu emphasized that the current economic challenges, coupled with the nation’s limited revenue, have created a funding shortfall that makes both external and domestic borrowing necessary. He argued that the proposed financial interventions are essential to sustaining key government programmes and achieving tangible development outcomes in both urban and rural communities across all 36 states and the Federal Capital Territory.
Highlighting the need for urgency, the President appealed to the House of Representatives to consider and approve the requests without delay to enable the timely release and deployment of the funds. He assured that the implementation of the projects would reflect fairness and national inclusivity, ensuring that no region is left behind in the government’s economic renewal efforts.
The request, which comes amid ongoing economic reforms, is seen as part of a broader fiscal strategy to stabilize the country’s macroeconomic indicators while maintaining a focus on infrastructure development and social investment.
