President Bola Tinubu has asked the National Assembly to approve an external borrowing plan exceeding $21.5 billion and a ₦757.9 billion domestic bond issuance to settle outstanding pension liabilities.

The requests, contained in three separate letters, were read on the floor of the House of Representatives on Tuesday by Speaker Tajudeen Abbas.

The president proposed a $2 billion foreign currency bond issuance in the domestic market to deepen the financial sector and boost foreign reserves, in line with the 2023 Executive Order on Foreign Currency Financial Instruments.

He explained that the larger borrowing package—comprising $21.5 billion, €2.19 billion, ¥15 billion, and a €65 million grant—is aimed at funding critical infrastructure projects, including railways, healthcare, and development initiatives across all states and the FCT. Tinubu noted that these loans are vital to cushion the effects of fuel subsidy removal and close Nigeria’s infrastructure gap.

In a second letter, the president requested approval for ₦757.98 billion in bond issuance to clear pension arrears under the Contributory Pension Scheme as of December 2023, citing the Pension Reform Act of 2014.

Tinubu acknowledged the implications for Nigeria’s debt stock but emphasized the long-term benefits, including improved retiree welfare, increased economic liquidity, and restored public trust in the pension system.

The proposals have been referred to the House Committees on National Planning and Pensions for further action.