President Bola Tinubu has requested the National Assembly’s approval to borrow ₦1.15 trillion from the domestic debt market to finance the deficit in the 2025 national budget.
The President’s request was contained in a letter read by the Senate President during Tuesday’s plenary session.
According to the letter, the proposed borrowing aims to bridge the fiscal gap and ensure the effective implementation of key government programmes and projects outlined in the 2025 budget.
Following the presentation, the Senate President referred the request to the Senate Committee on Local and Foreign Debt for further legislative consideration. The committee is expected to report back to the Senate within one week.
