President Bola Tinubu (L) exchanges pleasantries with Senate President Godswill Akpabio and the Speaker of the House of Representatives, Tajudeen Abbas, at a joint NASS sitting in Abuja.

President Bola Tinubu has formally requested the National Assembly’s approval to secure an external loan of $21.5 billion and raise a ₦758 billion domestic bond to address outstanding pension liabilities and finance critical development projects.

The president’s letter was read on the floor of the Senate during Tuesday’s plenary session and has since been referred to the Senate Committee on Local and Foreign Debts for legislative review. The committee is expected to present its findings within two weeks.

According to the letter, the $21.5 billion loan will be used to fund key initiatives in infrastructure, healthcare, education, and water supply, among other sectors. The loan is part of a broader plan to revitalise the economy and fast-track national development.

In a separate request, President Tinubu also sought legislative authorisation for the issuance of Federal Government bonds worth ₦757.9 billion in the domestic debt market. The proceeds are intended to settle longstanding pension arrears under the Contributory Pension Scheme, in fulfilment of the government’s obligation to retired public servants.

The president further requested Senate approval to raise an additional $2 billion from the domestic market to support critical investments in the economy.

All requests have been forwarded to the relevant Senate committee for detailed scrutiny.

Meanwhile, the president also wrote to the House of Representatives seeking approval for a revised 2025–2026 external borrowing plan, marking a coordinated push for funding to stabilise the economy and address urgent financial obligations.