Tinubu requests senate approval for fresh ₦1.15trn domestic loan to fund 2025 budget deficit

President Bola Tinubu has written to the Senate seeking approval for a fresh ₦1.15 trillion borrowing from the domestic debt market to finance the deficit in the 2025 budget.

The request was contained in a letter read on Tuesday by Senate President Godswill Akpabio during plenary.

According to the President, the proposed borrowing is aimed at bridging the funding gap and ensuring full implementation of government programmes and projects outlined in the 2025 fiscal plan.

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Shortly after the announcement, Akpabio referred the request to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako (APC, Sokoto North), with a directive to report back within one week for further legislative action.

The committee is expected to report back within one week for subsequent action.