President Tinubu has made several previous appeals to the national assembly for borrowing approvals since assuming office.
President Bola Tinubu has asked the national assembly to approve a new set of loans totalling $21.5 billion in foreign borrowing and ₦757.9 billion from the domestic bond market to tackle pressing national needs, including pension debts.
In a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, Tinubu explained that the proposed 2025–2026 borrowing plan is aimed at funding major projects in infrastructure, healthcare, education, and water supply.
According to the president, the external loans include $21.54 billion, €2.19 billion, 15 billion Japanese Yen, and a €65 million grant. He argued that these borrowings are necessary, especially in the wake of fuel subsidy removal, to bridge Nigeria’s growing infrastructure deficit and stimulate economic growth.
Tinubu emphasised that the loans would support nationwide development initiatives, especially in transport (such as railway expansion), agriculture, and job creation, aiming to improve food security and reduce poverty.
The request was referred to the senate committee on local and foreign debts to report back within two weeks.
In a separate request, the president also sought legislative backing to issue ₦757.9 billion in domestic bonds to clear pension arrears owed to retirees under the Contributory Pension Scheme (CPS).
He noted that persistent revenue shortfalls had made it difficult for the government to fulfil its obligations under the Pension Reform Act, 2014, resulting in accumulated debts and hardship for retirees.
Tinubu noted that the move is necessary to restore confidence in the pension system, ease the financial burden on pensioners, and inject liquidity into the economy, adding that the plan had already received approval from the Federal Executive Council in February 2025.
He also requested an additional $2 billion borrowing from the domestic market to support investments in strategic sectors.
President Tinubu urged lawmakers to act swiftly and assured them of his administration’s commitment to transparency and accountability in the implementation of these funds.
This request was also referred to the Committee on Local and Foreign Debts  to report back within two weeks.
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Previous borrowings under Tinubu’s administration
In addition to the new loan and bond requests, President Tinubu has made several previous appeals to the national assembly for borrowing approvals since assuming office.
One of the requests was in November 2023, when he sought the lawmakers’ consent for a $7.8 billion and €100 million external borrowing plan. That request formed part of the revised 2022–2024 borrowing framework and was aimed at funding priority sectors such as agriculture, education, power, and health. The proposal was referred to the senate cmmittee on local and foreign debts.
Similarly, in February 2024, the president asked the senate to approve a $1 billion loan from Afreximbank, targeted at supporting industrial growth, boosting export capacity, and strengthening small and medium-sized enterprises (SMEs).
Also, in December 2023, Tinubu requested the national assembly to authorise the restructuring of ₦2.1 trillion in Ways and Means advances obtained from the Central Bank of Nigeria. The restructuring was intended to reduce the debt burden and create fiscal room for productive spending.
In April 2024, another borrowing request for ₦500 billion in domestic bonds was made to finance rural infrastructure and agricultural projects. Like others, the request was forwarded to the relevant legislative committees.
