Tinubu Seeks Nearly $24bn Loan, Pension Bond

President Bola Tinubu has asked Nigeria’s National Assembly to approve an external borrowing plan of nearly $24 billion over the next two years, with loans to be raised in US dollars, euros, and yen. He also seeks approval for a ₦757.98 billion domestic bond to clear pension arrears for retired civil servants. The proposed loans will fund infrastructure, health, and agriculture projects to address Nigeria’s infrastructure deficit, boost economic growth, and reduce poverty. Tinubu further proposed a $2 billion foreign currency bond program for local investors to help stabilize the exchange rate. These requests come as Nigeria’s public debt rose to $91.46 billion in Q1 2024, raising concerns about increasing debt servicing costs affecting essential services. The Senate has referred the proposals to its committee for detailed review.