Tinubu Seeks Approval To Borrow ₦757.9 Billion For Pension Arrears, $2 Billion For Key Investments

President Bola Tinubu has requested Senate approval to issue a ₦757.9 billion bond aimed at settling long-standing pension arrears owed to retired public sector workers.

In a letter sent to the National Assembly, the President explained that the proposed borrowing is part of the government’s commitment to addressing pension liabilities. He also asked for approval to raise an additional $2 billion from the domestic market to fund investments in critical sectors of the economy.

The Senate has referred the requests to its Committee on Local and Foreign Debts for review and recommendation within two weeks.

Separately, the President also wrote to the House of Representatives, seeking approval for a revised 2025–2026 external borrowing plan. The plan includes requests to borrow $21.5 billion, €2.2 billion, ¥15 billion in Japanese yen, and a €65 billion grant.

According to the President, the foreign loans will help bridge Nigeria’s infrastructure gap, boost employment, and support various national development initiatives.