President Bola Tinubu has written three separate letters to the House of Representatives.
Tinubu asked the lawmakers to approve fresh borrowing plans and a domestic bond issuance to finance government projects and support retirees’ pensions.
The letters were read on the floor of the House by Speaker Tajudeen Abbas on Tuesday.
The request includes borrowing a total of $21.5 billion, €2.1 billion, ¥15 billion, and a €65 million grant from foreign sources under the 2025–2026 borrowing plan.
In addition, the President is seeking permission to raise ₦757.9 billion through domestic bonds to fund pension payments under the Contributory Pension Scheme.
The proposed borrowing plan targets various sectors across all 36 states and the Federal Capital Territory.
These include infrastructure, healthcare, education , agriculture, water supply, job creation, and economic reforms.
The president explained that the funds would help address challenges caused by the removal of fuel subsidy and support the government’s efforts to stabilize the economy.
According to the documents sent to the lawmakers, part of the money will be used to improve transportation systems such as railways, build hospitals, provide clean water, and support farmers.
The plan also aims to reduce poverty, improve food supply, encourage skill training, and help more people start businesses.
Tinubu told the House that the country is facing a serious financial gap, especially in funding major projects that can boost the economy and create jobs.
He noted that with limited income and growing needs, borrowing from external and domestic sources has become necessary to meet important national goals.
The president added that most of the projects will be implemented in different states to ensure fairness and impact in every region.
He urged the House of Representatives to approve the borrowing plan so the government can start disbursing funds and carry out the planned projects without delay.
