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 to settle outstanding pension liabilities.
During plenary on Tuesday, the Senate received the request, which aims to finance important projects across the economy, especially in the areas of infrastructure, health, education, and water supply.
A report is anticipated in two weeks after it was submitted to the Senate Committee on Local and Foreign Debts for additional legislative review.
The President also requested the approval of the Senate to issue Federal Government bonds on the domestic debt market to settle pension obligations under the Contributory
In a separate request, President Tinubu also sought the Senate’s authorisation for the issuance of Federal Government bonds in the domestic debt market to settle outstanding pension liabilities under the Contributory Pension Scheme.
In the letter, the bond issuance is intended to address long-standing pension arrears and fulfil the government’s commitment to retired public sector workers. President Tinubu has requested Senate approval to raise $2 billion from the domestic market to support investments in critical sectors of the economy.
The proposed bond issuance amounts to ₦757.9 billion.
RN
