• About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, July 1, 2025
  • Login
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
Advertisement
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
No Result
View All Result
Home Cover

Tinubu seeks NASS’ approval for $21.5bn loan, N757.9bn pension bond

Euclid Myke by Euclid Myke
May 27, 2025
in Cover
0
19 kidnap victims, including 8 WASSCE students, rescued in Rivers
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

President Bola Tinubu is seeking approval of the National Assembly to embark on a new external borrowing plan to the tune of over $21.5 billion.

The president is also seeking the approval of a domestic bond issuance of ₦757.9 billion to settle outstanding pension liabilities.

In a letter to the Senate and read on Tuesday during plenary by the President of the Senate, Senator Godswill, President Tinubu highlighted the strategic significance of the 2025–2026 borrowing plan, noting that “it spans key sectors of the economy.”

President Tinubu 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.”

The President explained that the total facility sought under the external borrowing plan included USD 21,543,647,912, EUR 2,193,856,324.54, and 15 billion Japanese Yen, in addition to a grant of 65 million EUR.

President Tinubu, who noted that the proposed borrowing was crucial in light of the removal of fuel subsidy and its economic implications, said: “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.”

Tinubu assured lawmakers that the proposed funds would be channelled into critical infrastructure projects, especially in the areas of railways, healthcare, and nationwide development programmes across all 36 states and the Federal Capital Territory.

“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 said.

In another letter, President Tinubu is seeking the Senate’s approval for the issuance of Federal Government bonds in the domestic market to settle accrued pension liabilities under the Contributory Pension Scheme (CPS) amounting to ₦757,983,246,572.

The letter further read, “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, as this will enable them to meet their basic needs… improve health and avoid untimely death.”

Previous Post

19 kidnap victims, including 8 WASSCE students, rescued in Rivers

Next Post

Money Ritual: Native doctor nabbed in Ezeagu after burying pregnant woman, others alive in soakaway pit

Next Post
Money Ritual: Native doctor nabbed in Ezeagu after burying pregnant woman, others alive in soakaway pit

Money Ritual: Native doctor nabbed in Ezeagu after burying pregnant woman, others alive in soakaway pit

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

https://youtu.be/FHyJ1Wr0FAk?si=0WVYI_2OR4OrIrQ4
https://youtu.be/gbE3azm_Io0?si=GdE3Mqelo1ujTNla
We’re under siege, terrorism eating up Benue, Gov Alia cries out
Opinion

Still on Alia and the bloodied plains of Benue

by Our Reporters
July 1, 2025
0

By Arinze Anapugars One of the most poignant examples in history of a leader who failed to confront the real...

Read moreDetails
How PDP govs, BoT resolved impasse

How PDP govs, BoT resolved impasse

July 1, 2025
I will be on the ballot in 2027, says Obi

I will be on the ballot in 2027, says Obi

June 30, 2025
SDP warns against dealing with suspended Chairman, Auditor, Youth Leader

SDP warns against dealing with suspended Chairman, Auditor, Youth Leader

June 30, 2025
Suspected herdsmen, military exchange gunfire near Benue IDP camp 

Suspected herdsmen, military exchange gunfire near Benue IDP camp 

June 30, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Homepage

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng