• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, August 25, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Tinubu Seeks NASS Approval For $21.5bn Loan, Other Borrowings

by James Kwen and Samson Elijah
3 months ago
in Cover Stories
tinubu
Share on WhatsAppShare on FacebookShare on XTelegram

President Bola Ahmed Tinubu has written to the National Assembly, seeking approval for a new external borrowing plan totalling $21.5 billion and a domestic bond issuance of N757.9 billion to settle outstanding pension liabilities.

Advertisement

Tinubu, in a letter read at Tuesday’s resumed plenary by Senate President Godswill Akpabio and Speaker Abbas Tajudeen, said the 2025–2026 borrowing plan covers all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security, and employment generation, as well as financial and monetary reforms, among others.

He said the total facility sought under the external borrowing plan includes $ 21,543,647,912, EUR 2,193,856,324.54, 15 billion Japanese Yen, and a 65 million EUR grant.

Tinubu noted that the proposed borrowing was crucial given the removal of the fuel subsidy and its economic implications.

“In light of the significant infrastructure deficit in the country and the paucity of financial resources needed to address this gap amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall,” he stated.
Tinubu added that the proposed funds would be channelled into critical infrastructure projects, especially railways, healthcare, and nationwide development programs in all 36 states and the Federal Capital Territory.

RELATED

Gov Fubara Urges Positive Image For Rivers

Rivers Residents Split Over Fubara’s Anticipated Return

3 hours ago
Mixed Reactions As Sultan Says Justice Becoming Purchasable Commodity

Mixed Reactions As Sultan Says Justice Becoming Purchasable Commodity

3 hours ago
ADVERTISEMENT

“This initiative aims to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, as well as to improve the livelihoods of Nigerians,” he stated.
In another letter, Tinubu sought legislative approval to issue Federal Government bonds in the domestic market to settle accrued pension liabilities under the Contributory Pension Scheme (CPS) amounting to N757,983,246,572.

Citing the Pension Reform Act 2014, Tinubu noted that the government had been unable to comply with some statutory pension obligations due to revenue challenges, leading to a buildup of arrears and increasing hardship for retirees.

“The House of Representatives is invited to note that the federal government has not been compliant with the implementation of the above provisions of the PRA 2014 over the years due to revenue challenges leading to the accumulation of pension arrears with the attendant ICU retirees,” he stated.

ADVERTISEMENT

According to the president, the proposal to issue bonds to settle the liabilities received approval from the Federal Executive Council in its meeting on February 4, 2025.

He said settling the pension arrears will improve retirees’ welfare, boost confidence in the pension system, and inject liquidity into the economy.

“It will enable the Federal Government of Nigeria to meet obligations under the CPS and restore confidence in the pension industry.

“It will also ensure positive welfare even for the retirees, enabling them to meet their basic needs, improve health and avoid untimely death,” the letter read.

The requests were referred to the relevant House committees for further legislative action.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: Abbas TajudeenBola Ahmed TinubuFederal GovernmentNational assemblyPension
SendShare10174Tweet6359Share
ADVERTISEMENT
Previous Post

Examination Malpractice Now Attracts 3-year Ban

Next Post

SECOND ANNIVERSARY…Knocks, Kudos For Tinubu On Security

James Kwen and Samson Elijah

James Kwen and Samson Elijah

You May Like

Gov Fubara Urges Positive Image For Rivers
Cover Stories

Rivers Residents Split Over Fubara’s Anticipated Return

2025/08/25
Mixed Reactions As Sultan Says Justice Becoming Purchasable Commodity
Cover Stories

Mixed Reactions As Sultan Says Justice Becoming Purchasable Commodity

2025/08/25
MONEY MARKET: Assessing MPC’s Interest Rate Hike To Address Inflation
Cover Stories

DMO Projects Single-digit Inflation By 2027

2025/08/25
Buhari Presided Over Worst Civil Administration, Tinubu Not Far Behind – Obasanjo
Cover Stories

Buhari Presided Over Worst Civil Administration, Tinubu Not Far Behind – Obasanjo

2025/08/24
Flood-prone Residents Reluctant On Relocation Despite Warnings
Cover Stories

Flood-prone Residents Reluctant On Relocation Despite Warnings

2025/08/24
Unveiled: What Tinubu, Shettima, And Other Political Office Holders Earn As Salaries
Cover Stories

Unveiled: What Tinubu, Shettima, And Other Political Office Holders Earn As Salaries

2025/08/24
Leadership Conference advertisement

LATEST

Association Lauds Olu Of Warri Over Peaceful Reign

MWAN Decries Rise In Harmful Traditional Practices In Rivers

Electoral Reform: CSOs Want President Lose Power To Appoint INEC Chair

Communal Crises: NEMA Distributes Relief Materials To Ebonyi Communities

‘Nigerian-American Polymath Ready To Lead California’

1,000 Nomadic Children Benefit From Vacation Courses In Bauchi

Association Wants Africa’s Democracy To Go Beyond Regular Elections

Buni Mourns Yobe Varsity’s Student Amina

Ekiti 2026: Otunba Fayose Alleges Threat To Life

Julius Berger, Others Partner To Plant 20,000 Trees In Army Cantonment

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.