President Bola Ahmed Tinubu has requested the approval of the National Assembly to borrow ₦1.15 trillion from the domestic debt market to help finance the 2025 budget deficit.
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 loan is aimed at bridging the government’s funding gap and ensuring the full implementation of priority projects and programmes outlined in the 2025 fiscal plan.
Akpabio subsequently referred the request to the Senate Committee on Local and Foreign Debt for consideration and to report back within one week for further legislative action.
Details later…