President Bola Ahmed Tinubu has sought the approval of the Senate to borrow N1.15 trillion from the domestic debt market to finance the deficit in the 2025 national budget.
The request was contained in a letter read by Senate President Godswill Akpabio on the floor of the Senate during Tuesday’s plenary session.
In the letter, President Tinubu explained that the proposed borrowing is necessary to bridge the funding gap in the 2025 Appropriation Act and to ensure the smooth implementation of key government programmes and projects.
He noted that the borrowing plan is part of the administration’s fiscal strategy to sustain economic growth, create jobs, and deliver on the government’s developmental priorities.
Akpabio referred the presidential request to the Senate Committee on Local and Foreign Debt for further legislative consideration.
The committee has been directed to examine the proposal and submit its report to the Senate within one week.