News Update
President Bola Tinubu has asked the House of Representatives to approve a new borrowing plan that includes a foreign loan of over $21.5 billion and a domestic bond of N757.9 billion.
The money is intended to fund key development projects and settle unpaid pension obligations.
In his letter to the lawmakers, President Tinubu explained that the loans are part of a strategic plan for 2025–2026 to support crucial sectors such as infrastructure, health, education, agriculture, water supply, security, job creation, and financial reforms.
He stated that this step is necessary to address the country’s infrastructure gaps and economic challenges caused by the removal of fuel subsidies and reduced domestic revenue.
The borrowing package includes $21.5 billion, over €2.1 billion, 15 billion Japanese Yen, and a €65 million grant.
Tinubu said these funds would be used for major infrastructure projects, particularly railways and healthcare facilities across all 36 states and the Federal Capital Territory.
He added that the projects would create jobs, support small businesses, reduce poverty, and improve food security.
Additionally, Tinubu asked for approval to issue domestic bonds worth N757.9 billion to pay pension arrears under the Contributory Pension Scheme.
He noted that the federal government had struggled to meet pension commitments due to revenue shortfalls, causing hardship for many retired workers.
The proposal to use bonds for settling these pension debts was approved by the Federal Executive Council in February.
According to Tinubu, paying off these arrears will boost retirees’ welfare, restore trust in the pension system, and add more money into the economy.
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He urged the House to approve the request promptly and promised transparency and accountability in managing the funds.
The House has sent the request to the Committees on National Planning and Economic Development, as well as Pensions, for further consideration.
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