President Bola Tinubu has requested the National Assembly’s approval to borrow a new sum of N1.15 trillion from the domestic debt market to address the deficit in the 2025 budget.
The President’s appeal was contained in a letter read during Tuesday’s Senate plenary session.
According to the letter, the fresh borrowing is aimed at closing the funding gap and ensuring smooth execution of government programmes and projects outlined in the 2025 fiscal plan.
Senate President Godswill Akpabio has referred the request to the Senate Committee on Local and Foreign Debt, directing the committee to submit its report within one week for further consideration.
