President Tinubu has sought Senate approval for fresh ₦1.15 trillion Domestic Loan to Fund 2025 Budget Deficit.
NaijaOnPoint Nigeria reports that President Bola Ahmed Tinubu has formally requested the approval of the National Assembly to borrow ₦1.15 trillion from the domestic debt market to finance the deficit in the 2025 national budget.
The request was contained in a letter read on the floor of the Senate during Tuesday’s plenary session.
According to the President, the new borrowing is necessary to bridge the funding gap and ensure the effective implementation of key government programmes and infrastructure projects under the 2025 fiscal framework.
“The proposed borrowing is part of the government’s domestic financing plan and will be used to support priority projects, social investments, and ongoing economic reforms,” the letter stated in part.
After the correspondence was read, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debt for detailed legislative review.
The committee has been directed to report back within one week for further consideration and approval by the upper chamber.
If approved, the loan will add to Nigeria’s growing domestic debt stock, which has been a major concern for economists and financial analysts warning about the country’s increasing debt servicing burden.