President Bola Tinubu is seeking the approval of the House of Representatives for major financial proposals, including a $21.54 billion external borrowing plan.
Other proposals are $2 billion foreign currency bond programme, and a N757.98 billion bond issuance to settle outstanding pension liabilities.
The requests, conveyed in three separate letters read on the House floor by the Speaker, Abbas Tajudeen, aim at addressing infrastructure deficits, stabilising the economy, and improving the welfare of Nigerian retirees.
In the first request, President Tinubu seeks approval for the establishment of a foreign currency-denominated issuance programme in the domestic debt market.
The plan would raise up to $2 billion through the Debt Management Office, DMO, for deployment into sectors that drive growth, create jobs, and boost foreign exchange inflows.
The second request covers Federal Government’s 2025-2026 External Borrowing Rolling Plan, totalling $21.54 billion, €2.19 billion, ¥15 billion (Japanese Yen), and a €65 million grant.
Tinubu said the funds would finance projects in infrastructure, health, education, agriculture, security, and other key sectors, citing fuel subsidy removal and revenue challenges as reasons for the new loans.
The President also requested approval for the issuance of N757.98 billion in bonds to settle outstanding liabilities under the Contributory Pension Scheme as of December 2023.
The President said the measure, already approved by the Federal Executive Council, would ease hardship for retirees, boost confidence in the pension system, and improve liquidity in the economy.
President Tinubu urged the National Assembly to expedite consideration of the requests, describing them as crucial to stabilising the economy and meeting government obligations.
