NewStats: 3,263,713 , 8,181,140 topics. Date: Saturday, 07 June 2025 at 01:46 PM 3u4832

President Bola Ahmed Tinubu has written to the House of Representatives seeking approval for three major financial proposals involving external and domestic borrowings amounting to billions of dollars, euros, and naira.

In a set of letters read on Tuesday during plenary by the Speaker, Abbas Tajudeen, the president requested legislative backing for the federal government’s external borrowing rolling plan for 2025–2026, a $2 billion foreign currency bond issuance in the domestic market, and the issuance of bonds to clear outstanding pension liabilities under the Contributory Pension Scheme (S).



$2bn Foreign Currency Bond in Domestic Market


In the first letter, Tinubu sought the House’s approval to raise up to $2 billion through the issuance of foreign currency-denominated financial instruments in Nigeria’s domestic debt market. The issuance, the President said, is in line with a Presidential Executive Order signed in October 2023.


“This request is pursuant to the provisions of Section 44 (1) and (2) of the Fiscal Responsibility Act 2007 and Section 1(7) of the Executive Order, which requires National Assembly approval for all new borrowings and appropriation of the proceeds,” the president wrote.

The proceeds, according to the president, will be invested in critical sectors of the economy to drive growth, infrastructure, job creation, and foreign exchange earnings.

The strategy, he explained, aims to diversify government funding sources, stabilise the naira, and deepen the local financial market.

However, he acknowledged that the capital raising will increase Nigeria’s public debt stock and debt servicing costs.


$21.5bn, €2.2bn External Loans for 2025–2026

In another communication, Tinubu presented a detailed external borrowing plan for the 2025–2026 period. He said the proposed loans amounting to $21.5 billion, €2.2 billion, 15 billion Japanese yen, and a €65 million in grants, would fund priority projects across infrastructure, agriculture, health, education, water supply, security, and employment generation.

“These projects were selected based on technical and economic evaluations and are geared toward addressing the country’s infrastructure deficit, reducing poverty, creating jobs, and boosting food security,” the president stated.


He added that most of the projects would be implemented across the 36 states and the Federal Capital Territory.

Citing the impact of subsidy removal and dwindling domestic revenues, Tinubu emphasised the urgency of closing the financial gap through prudent external borrowing, noting that the funds will be targeted at sectors such as power, railways, and healthcare.

N758bn Bond to Clear Pension Arrears

In a third request, Tinubu asked the House to approve the issuance of FGN bonds worth N757.98 billion in the domestic market to offset outstanding pension liabilities under the Contributory Pension Scheme as of December 31, 2023.


The request, he said, follows the federal government’s non-compliance with several provisions of the Pension Reform Act (PRA) 2014 over the years due to revenue constraints.

“This bond issuance will enable the federal government to meet its obligations to retirees, restore confidence in the pension system, and improve the welfare of retired public servants,” Tinubu wrote.

He stressed that clearing the pension backlog would enhance liquidity in the economy and have a positive effect on public sector morale, adding that the proposal was approved by the Federal Executive Council in February 2025.

All three requests, submitted pursuant to relevant fiscal and pension laws have been referred to the House Committee on Finance for further legislative actions.
https://dailytrust.com/tinubu-seeks-approval-for-21-5bn-e2-2bn-foreign-loans/

Do we still.need loans in Nigeria.

Yeah, we can borrow after clearing off reasonable of the debt.

Our credit ratings have been upgraded

Enough funds should be available to scatter projects across the Nigeria regions in the last 2 years of the first term of his Excellency

omowolewa:
Do we still.need loans in Nigeria.

Is like asking if we need development in Nigeria. Of course yes

Where are the saving from subsidy removal?

BelieveAfrica:
Where are the saving from subsidy removal?

That was all propaganda. They came into power with so much braggadacio and arrogance and now they have been demystified. Buhari is a far better than these Lagos areaboys can ever dream to be.

Here are the conversions for the figures to Nigerian Naira using current mid-market rates:

1. $21.5 billion USD = approximately 34.4043 trillion NGN (1 USD = 1,600.20000 NGN)
2. €2.1 billion EUR = approximately 3.7776 trillion NGN (1 EUR = 1,798.867 NGN)
3. 15 billion JPY = approximately 165.1538 billion NGN (1 JPY = 11.010254 NGN)
4. €65 million EUR (grant) = approximately 116.9264 billion NGN (1 EUR = 1,798.867 NGN)

helinues:


Is like asking if we need development in Nigeria. Of course yes

Nigeria is a poor country. We can’t afford to borrow recklessly and enslave our future.

Tinubu na bat-stard nah.

BelieveAfrica:
Where are the saving from subsidy removal?

2mch:

Nigeria is a poor country. We can’t afford to borrow recklessly and enslave our future.

But we are seeing what this government have been doing with the excesses from Subsidy removal and the new tax reforms

BelieveAfrica:
Where are the saving from subsidy removal?

States have been paying their debt. Some states have cleared up to 80%. Where did they get the money from?

Let's put the different projects by the FG aside for now

helinues:


But we are seeing what this government have been doing with the excesses from Subsidy removal and the new tax reforms

what are they doing? seems I'm lost

fuckingAyaya:
what are they doing? seems I'm lost

Nothing

21.1billion dollz!!! Omo convert that to naira.

helinues:


Nothing

why did you lie then?

The same man who plunged Lagos State into huge debts, making it the most indebted state in Nigeria, is on a spree to leave his streak of borrowing criminality at the federal level!

fuckingAyaya:
why did you lie then?

Sorry about that. I was drunk.

This government never do a single project

k

More loans?

Billion dollars? Jesus!!!

This man will ruin this country!!!

My God!!!

The claimed they were saving one Trillion Naira from subsidy removal, how come Tinubu is still borrowing.

21 billion dollars. Jesus na your hand we dey

Hehehe! They have gone back to debt pillage after allegedly clearing debts. Where are the subsidy removal savings.

Tinubu’s government is turning Nigeria into a borrowing cartel with no blueprint. Over $21.5 billion in new loans + ₦757bn in bonds, all with no tangible results after 2 years in power. No jobs, no massive infrastructure, no working refineries, just debt, debt, and more debt.

Now they claim it’s for “food security” and “skills acquisition.” Where are the farms? Where are the jobs?

This is not reform—it’s fiscal recklessness. A government borrowing to fund pension backlogs just before re-election is playing politics with Nigeria’s future.

We’re being led by loan addicts with no business plan—sinking future generations into debt slavery. Wake up, Nigeria. Enough is enough.

Current total external debt $42.5 billion dollars
Proposed new debt: $21.5 billion dollars
Bond: $. 5 million dollars

Total new external debt $64.5 billion dollars

Shettima and Tinubu distracting Nigerians with pictures of Davido, Cubana and Ubi. To suppress a public debate on more substantial issues of borrowing the highest amount of money in the shortest time. Since the entire history of Nigeria.

I said that he cleared IMF loan to enable him borrow more

helinues:


Sorry about that. I was drunk.

This government never do a single project

Wasted today too?

Except the amount quoted here is wrong, this is by far the highest amount the country has ever borrowed at a once.

What then is d aim and objective of removing fuel, electric subsidy ?

helinues:
Yeah, we can borrow after clearing off reasonable of the debt.

Our credit ratings have been upgraded

Enough funds should be available to scatter projects across the Nigeria regions in the last 2 years of the first term of his Excellency

How much again whr u celebrating that he paid to clear IMF loan

Don't worry the north,SE send SS are in a meeting right now to make sure that this corruption doesn't go beyond 2027

Tell them we are coming

Jagaban of corruption is still borrowing!

helinues:


Sorry about that. I was drunk.

This government never do a single project

Yes or no? Be fast about it.