Nigeria, May 27 -- President Bola Tinubu has sought the National Assembly's approval to raise N757.98 billion through the issuance of Federal Government bonds in the domestic debt market.

The fund is intended to settle longstanding pension liabilities owed to retired civil servants under the Contributory Pension Scheme (CPS).

The president's request was presented in a letter read by the Senate President, Godswill Akpabio, during the plenary on Tuesday.

In the letter, Mr Tinubu explained that the proposed bond issuance will be managed by the Debt Management Office (DMO) and will cover outstanding obligations as of 31 December, 2023.

"I write to request for the kind approval of the National Assembly for the issuance of Federal Governmen...