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President Bola Tinubu has formally requested the approval of the National Assembly for a new borrowing of N1.15 trillion from the domestic debt market to address the deficit in the 2025 budget.
The request was contained in a letter presented on the floor of the Senate during plenary on Tuesday.
In the letter, the President explained that the proposed loan is aimed at closing the funding gap and ensuring smooth implementation of key government programmes and projects under the 2025 fiscal year.
Following the reading of the letter, Senate President Godswill Akpabio referred the matter to the Senate Committee on Local and Foreign Debt. The committee was instructed to review the request and report back to the Senate within one week for further legislative consideration.
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