President Bola Tinubu has requested the approval of the National Assembly to borrow N1.15 trillion from the domestic debt market to finance the deficit in the 2025 budget.
The request was contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session.
Tinubu explained that the proposed borrowing would help bridge the funding gap and facilitate the smooth execution of government projects and programs under the 2025 fiscal plan.
The President emphasized that the loan was necessary to sustain the administration’s economic reforms and maintain the momentum of ongoing infrastructure and social investment initiatives.
Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debt for review and recommendations.
The committee is expected to report back within one week for further legislative consideration and approval.
Senate’s recent approval of N2.3 billion
Recall that president Tinubu’s administration had recently been approved to borrow $2.35 billion to help finance the 2025 budget deficit and refinance a maturing Eurobond.
The National Assembly approved this request, which also includes a new $500 million sovereign sukuk bond to fund infrastructure projects.