National Assembly don receive correct request from President Bola Tinubu wey dey ask dem to approve $21.5 billion foreign loan and ₦758 billion bond for inside Nigeria to take clear pension money wey government still dey owe.
Dem read di request for Senate floor during today plenary, and dem don send am go Senate Committee on Local and Foreign Debts make dem check am well. Di committee suppose bring report come back within two weeks.
For another separate letter, Tinubu still ask make Senate approve plan to issue Federal Government bond for local debt market to take pay back pension money wey dem dey owe under di Contributory Pension Scheme. Di bond wey dem wan issue reach ₦757.9 billion.
According to wetin dey inside di President letter, di money go help government clear pension debt wey don tey and still show say government get commitment to retired civil servants.
President Tinubu still request make Senate approve another $2 billion loan from local market to support important investment for key areas like infrastructure, health, and education. Dis one too dem don carry go di same Senate Committee on Local and Foreign Debts and dem expect report within two weeks.
Earlier before, President Tinubu don also write House of Representatives make dem approve new 2025–2026 external borrowing plan. For dis plan, e dey ask to borrow $21.5 billion, €2.2 billion, ¥15 billion Japanese yen and €65 billion grant.
Wetin dey inside di letter wey Speaker read be say di loans go help reduce Nigeria infrastructure wahala, create employment and push better development.
To still settle pension debt, President dey request permission to borrow ₦757.98 billion from inside Nigeria.
