President Bola Tinubu has transmitted three letters to the National Assembly requesting a 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 also sought the National Assembly’s approval for the establishment of a foreign currency-denominated issuance programme in the domestic debt market.
He emphasized that the proceeds from the bond will be deployed into critical sectors of the economy capable of driving growth, enhancing infrastructure, creating employment, and boosting foreign exchange inflows.
Tinubu says that the proposed borrowing is crucial in light of the removal of fuel subsidy and its economic impact on the nation and its citizens.
