President Bola Tinubu has sought the National Assembly’s approval for a new ₦1.15 trillion loan from the domestic debt market to finance the deficit in the 2025 budget.
The President’s request was contained in a letter read on the Senate floor during Tuesday’s plenary session.
According to the letter, the proposed borrowing aims to bridge the funding gap and ensure the full implementation of government programmes and projects outlined in the 2025 fiscal plan.
Following the reading, the Senate President referred the request to the Senate Committee on Local and Foreign Debt, directing it to report back within one week for further legislative consideration.