President Bola Ahmed Tinubu has requested the approval of the National Assembly to borrow N1.15 trillion from the domestic debt market to address the deficit in the 2025 budget.
The President’s request was contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session.
According to the letter, the proposed borrowing aims to bridge the funding gap and ensure the full implementation of key government programs and infrastructure projects under the 2025 fiscal plan.
Akpabio subsequently referred the request to the Senate Committee on Local and Foreign Debt for further legislative consideration, directing the committee to submit its report within one week.
The move adds to the list of borrowing initiatives by the Tinubu administration as it seeks to finance Nigeria’s expanding budget amidst revenue shortfalls and growing economic challenges.
Details shortly…