The National Assembly has received a formal request from President Bola Tinubu seeking approval for a $21.5 billion external loan and a ₦758 billion domestic bond issuance aimed at addressing outstanding pension liabilities.

The request, which targets critical infrastructure, health, education, and water supply projects, was read on the floor of the Senate during plenary on Monday. It has been referred to the Senate Committee on Local and Foreign Debts for detailed legislative consideration. A report is expected within two weeks.

In a separate communication, President Tinubu also sought the Senate’s approval to issue Federal Government bonds in the domestic debt market to settle pension arrears under the Contributory Pension Scheme. The bond issuance is valued at ₦757.9 billion.

According to the President’s letter, the funds are intended to clear longstanding pension debts and reaffirm the government’s commitment to the welfare of retired public servants.

Additionally, the President has requested authorisation to raise $2 billion from the domestic market to support investments in critical sectors of the economy. This request has also been referred to the Committee on Local and Foreign Debts.

Earlier, Tinubu 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, and a €65 billion grant.

According to the letter read by the Speaker, the loans are aimed at bridging Nigeria’s infrastructure deficit, creating jobs, and driving other key development goals.