Tinubu seeks NASS approval for $21.5bn loan, ₦758bn pension bond
President Bola Tinubu on Tuesday transmitted three letters to the National Assembly requesting legislative approval for a new external borrowing plan amounting to over $21.5 billion, and a domestic bond issuance of ₦757.9 billion to settle outstanding national pension liabilities.
Tinubu made these requests in three separate letters transmitted to the National Assembly, which were read on the floor of the House of Representatives by the Speaker, Tajudeen Abbas.
In the first correspondence, President Tinubu sought the National Assembly’s approval for the establishment of a foreign currency-denominated issuance programme in the domestic debt market.
The proposed capital raise of up to $2bn would be implemented by the Debt Management Office in line with the Presidential Executive Order on Foreign Currency Denominated Financial Instruments, Local Issues Programme, 2023.
