President Bola Tinubu has requested the approval of the National Assembly for a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.
The President’s request was contained in a letter read on the floor of the Senate during plenary on Tuesday.
According to the letter, the proposed borrowing was aimed at bridging the funding gap and ensuring the full implementation of government programmes and projects under the 2025 fiscal plan.
Following the reading of the letter, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further legislative scrutiny.
The committee is expected to report back within one week for subsequent action.
