Tinubu Seeks Senate’s Nod For N1.15trn Fresh Domestic Loan

President Bola Tinubu on Tuesday requested the approval of the National Assembly for a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.

President Tinubu’s request was conveyed in a letter read on the floor of the Senate on Tuesday, November 4, during plenary.

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According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of Federal Government programs and projects under the 2025 fiscal plan.

The Senate President, Godwin Akpabio  subsequently referred the request to the Senate Committee on Local and Foreign Debt to report back within one week for further legislative action.