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 (CPS).
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.
