President Bola Ahmed Tinubu has requested the approval of the National Assembly to obtain a fresh ₦1.15 trillion loan from the domestic debt market. The request aims to address the fiscal deficit in the 2025 national budget.
The President’s appeal was contained in a formal letter read by Senate President Godswill Akpabio during Tuesday’s plenary session. According to the letter, the proposed borrowing is part of the government’s plan to bridge the funding gap and ensure the smooth implementation of key projects and programs under the 2025 fiscal framework.
Following the reading of the correspondence, Senator Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further review. The committee has been directed to present its findings and recommendations within one week for legislative consideration.
Further details are expected as the National Assembly deliberates on the proposal.
