Tinubu writes Senate, seeks approval to borrow $5 billion

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March 31, 2026

Tinubu writes Senate, seeks approval to borrow $5 billion

Nigeria Airways pensioners beg Tinubu for N36bn lifeline •Foreign staff paid, Nigerians abandoned Stories by Victor Ahiuma-Young Retirees of the defunct Nigeria Airways have pleaded with President Bola Tinubu to urgently intervene in the release of their outstanding N36 billion pension and severance arrears, lamenting that many former workers are dying in hardship while awaiting payment. The pensioners, under the aegis of the Nigeria Union of Pensioners, NUP, made the appeal during a peaceful protest in Lagos, where they accused the Ministry of Finance of delaying the release of the approved funds. Speaking on behalf of the group, Olufemi Ashogbon said the former employees had remained in despair since the liquidation of Nigeria Airways in 2004, which left over 6,000 workers disengaged without complete severance benefits. According to him, President Tinubu had approved the payment of the outstanding N36 billion in June 2025 to bring the long-standing matter to a close, but the money had yet to be released. “In June 2025, President Tinubu approved the balance of N36 billion to finally resolve this issue. However, despite several protests and appeals, the Ministry of Finance has yet to authorise the payment,” Ashogbon said. “We have written several letters to the Ministry of Finance concerning the release of the outstanding severance and pension benefits, but there has been no concrete response from the government. “Our members are dying in droves. Many are bedridden and helplessly waiting for their last breath. We appreciate the President for approving the payment and we passionately appeal to him to ensure the funds are released without further delay,” he added. In a communiqué jointly signed by former President of Aircraft Pilots and Engineers, Engr. Kyari Ayuba, and former Director of Finance, Mrs. Bose Oluwo, they recalled that the liquidation of Nigeria Airways marked the beginning of prolonged suffering for thousands of former employees. According to them, while Nigerian workers were denied their entitlements, foreign nationals employed by the airline were fully paid in line with international labour standards. “For many employees, the liquidation marked the beginning of years of hardship and uncertainty. While Nigerian employees were denied their benefits, foreign nationals who worked for the airline were fully paid their severance entitlements in accordance with labour laws and international regulations, the communiqué stated. They explained that the total agreed settlement for the former workers stood at N78 billion, part of which had been paid by successive administrations, leaving an outstanding balance of approximately N36 billion. The pensioners further disclosed that many of the affected workers are now elderly citizens aged between 65 and 101 years, including former pilots, engineers, cabin crew, technicians, accountants, administrators and other aviation professionals who once contributed to the growth of Nigeria’s aviation industry. “Last year, hope was rekindled when President Tinubu graciously approved the payment of the outstanding N36 billion owed to ex-staff and pensioners of Nigeria Airways. Sadly, the funds have still not been released by the Ministry of Finance,” they lamented. The retirees appealed to the Federal Government and the Minister of Finance to urgently resolve the issue and release the approved funds, stressing that the former employees had waited 22 years for justice. “For 22 long years, the former employees of Nigeria Airways have endured hardship while waiting for justice,” they added.

By Henry Umoru

PRESIDENT Bola Tinubu has written the Senate seeking approval to borrow $5 billion.

In a letter to the President of the Senate, Senator Godswill Akpabio, which was read on Tuesday during plenary, the loan will be obtained from Abu Dhabi Bank and it is aimed at covering budget deficit, debt financing, among others.

In another letter to the Senate, President Tinubu is seeking approval to borrow $1 billion UK/EF loan facility from London Citi Bank for the rehabilitation of port projects, including Lagos Port complex and Tin Can port.

According to the President, the project’s objectives are to address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub among others.

Akpabio then referred the letters to Senator Aliyu Wammakko-led Senate Committee on Local and Foreign Debts to carry out legislative actions on the request and report back immediately.

Details later…

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