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.
According to reports, the loan will finance critical projects across various sectors, including infrastructure development, pension liabilities, and economic growth.
The proposed projects include railways, healthcare, education, and water supply initiatives.
The Senate Committee on Local and Foreign Debts has been tasked with reviewing the request and submitting a report within two weeks.
President Tinubu has assured lawmakers that the funds will be channeled into critical infrastructure projects in the 36 states and the Federal Capital Territory.
Key Highlights of the Total borrowing plan include $21.5 billion, €2.2 billion, ¥15 billion in Japanese yen, and a €65 million grant- Domestic bond issuance: ₦757.98 billion to settle outstanding pension liabilities under the Contributory Pension Scheme- Additional funding: $2 billion from the domestic market to support investments in critical sectors of the economy
The National Assembly is expected to thoroughly scrutinize the request to ensure that the proposed funds are utilized effectively and efficiently.
