President Bola Tinubu has formally requested the National Assembly’s approval for a significant new external borrowing plan totaling over $21.5 billion, as well as the issuance of a domestic bond worth ₦757.9 billion aimed at clearing outstanding pension liabilities.
The President’s requests were contained in three separate letters transmitted to the National Assembly and read on the floor of the House of Representatives by Speaker Tajudeen Abbas on Tuesday.
In one of the letters, Tinubu sought approval for the creation of a foreign currency-denominated issuance programme within the domestic debt market.
The proposed $2 billion capital raise will be managed by the Debt Management Office in line with the Presidential Executive Order on Foreign Currency Denominated Financial Instruments, Local Issues Programme, 2023.
He noted that proceeds from the bond would support key sectors of the economy to stimulate growth, develop infrastructure, create jobs, and enhance foreign exchange inflows.
According to the President, “the total facility sought under the external borrowing plan includes 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.”
He justified the borrowing plan, stating, “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 borrowed funds would be invested in vital infrastructure projects, particularly in railway development, healthcare, and nationwide programs spanning the 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 stated.
However, he acknowledged that the borrowing programme would increase Nigeria’s public debt and servicing obligations.
In another letter, the President requested legislative approval for the issuance of Federal Government bonds totaling ₦757.98 billion to clear unpaid pension liabilities under the Contributory Pension Scheme as of December 2023.
Citing the Pension Reform Act (PRA) 2014, Tinubu admitted the government had been unable to meet its pension commitments due to revenue constraints.
He argued that addressing the backlog would ease the burden on retirees, restore trust in the pension system, raise morale among public workers, and inject liquidity into the economy.
The President revealed that the bond issuance had been approved by the Federal Executive Council on February 4, 2025. While acknowledging the cost implications, he said the benefits outweigh the downsides.
Appealing for swift legislative action, Tinubu pledged transparency and accountability in the disbursement of the funds.
“While I look forward to the progression and timely approval of the House of Representatives, please accept, Your Honourable Speaker, the assurances of my high regards,” the President concluded.
The letters have been referred to the House Committees on National Planning and Economic Development and Pensions for further consideration.
![Anthony Odiong: Nigerian Catholic priest sentenced to life in prison over sexual assault Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-300x200.jpg)



![Anthony Odiong: Nigerian Catholic priest sentenced to life in prison over sexual assault Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-450x300.jpg)




