Bola Ahmed Tinubu has formally requested the National Assembly’s approval to borrow ₦1.15 trillion from the domestic debt market to finance the 2025 budget deficit.
The request was conveyed in a letter read on the floor of the Senate during plenary on Tuesday.
READ MORE: Tinubu Pushes Nigeria Deeper into Debt as Senate Endorses ₦4trn Loan Request
According to the letter, the proposed borrowing is aimed at closing the funding shortfall and ensuring the full execution of government programs and projects under the 2025 fiscal plan.
Following the reading of the letter, the Senate President referred the request to the Senate Committee on Local and Foreign Debt, which is expected to report back within a week for further legislative consideration
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