President Bola Tinubu has formally requested Senate approval to secure funding for key development projects spanning infrastructure, healthcare, education, and water supply. The request was presented during Tuesday’s plenary session and has now been forwarded to the Senate Committee on Local and Foreign Debts, which is expected to submit its findings within two weeks.
In a separate communication, the President also appealed to the Senate for permission to issue federal bonds worth ₦757.98 billion in the domestic debt market. The proceeds from this bond would be used to clear outstanding pension liabilities under the Contributory Pension Scheme, reaffirming the government’s pledge to support retired civil servants.
Furthermore, President Tinubu is seeking legislative backing to raise an additional \$2 billion from the domestic market to invest in strategic economic sectors. This request has likewise been referred to the Senate committee for review.
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In a similar move, the President addressed the House of Representatives with a proposal for a revised external borrowing plan covering the 2025–2026 period. The updated plan includes a request to obtain \$21.5 billion, €2.2 billion, ¥15 billion (Japanese yen), and a €65 billion grant.
According to the President’s correspondence, the funds would be channeled toward bridging the country’s infrastructure gap and creating employment opportunities. The proposal to borrow ₦757.98 billion to settle pension backlogs was also reiterated in his message to the House.
