President Bola Ahmed Tinubu has formally requested the approval of the National Assembly for a $21.5 billion external borrowing plan for 2025-2026, as well as a $2 billion foreign currency-denominated bond programme.
The borrowing plan includes $21.54 billion, €2.19 billion, and ¥15 billion, alongside a €65 million grant, and will focus on critical sectors such as infrastructure, agriculture, health, education, and security.
Tinubu explained that the borrowings have become necessary due to the removal of fuel subsidies, fiscal constraints, and declining domestic revenues.
Additionally, Tinubu sought approval for the issuance of Federal Government bonds totaling N757.98 billion to settle outstanding pension liabilities under the Contributory Pension Scheme.
He emphasized that settling these liabilities would alleviate hardship for retirees, restore confidence in the pension system, and stimulate economic growth.
The President urged the National Assembly to give prompt consideration and approval to the requests, citing the pressing need to stabilize the economy and improve the welfare of Nigerian citizens.
The requests have been referred to the Committee on Local and Foreign Debts for scrutiny.
