TINUBU SEEKS SENATE APPROVAL FOR N757BN BOND TO SETTLE PENSION ARREARS.

President Bola Tinubu has written to the Senate, seeking approval for a ₦757.9 billion bond to settle outstanding pension liabilities accrued as of December 2023.

The bond is aimed at addressing long-standing pension arrears and fulfill the government's commitment to retired public sector workers.

The president, in a letter addressed to the Senate President, Godswill Akpbio, explained that settling pension liabilities would improve retirees' welfare, boost productivity, and stimulate economic growth.

He added that the issuance of the bond would also demonstrate the government's commitment to fulfilling pension obligations and enhance liquidity in the economy.

President Tinubu, however, acknowledged that the bond issuance would increase Nigeria's public debt stock, as well as debt servicing costs.

Consequently, the Senate has referred the request to the Committee on Local and Foreign Debts for further scrutiny, with a report expected within two weeks.