President Bola Tinubu has sought the approval of the National Assembly for a fresh ₦1.15 trillion loan from the domestic debt market to finance the deficit in the 2025 national budget.
The President’s request was contained in a letter read on the floor of the Senate during Tuesday’s plenary session.
According to the letter, the proposed borrowing is 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 consideration.
The committee is expected to report back within one week for subsequent action.