- Safiu Kehinde
President Bola Tinubu has written to the National Assembly, seeking the approval of the legislative arm for a $21.5 billion external loan and a N758 billion domestic bond to settle outstanding pension liabilities.
The President’s $21.5 loan request which was read on the floor of the Senate during plenary on Tuesday, was reportedly aimed at financing critical projects across various sectors of the economy—particularly infrastructure, health, education, and water supply.
Also read before the Senate was Tinubu’s request for the red chamber’s approval of the issuance of Federal Government bonds in the domestic debt market to settle outstanding pension liabilities under the Contributory Pension Scheme.
The N757.9 billion proposed bond issuance, according to the President, is aimed towards addressing long-standing pension arrears and fulfil the government’s commitment to retired public sector workers.
Tinubu also requested the Senate approval to raise $2 billion from the domestic market to support investments in critical sectors of the economy.
The requests have been referred to the Senate Committee on Local and Foreign Debts for further legislative scrutiny, with a report expected within two weeks.