Tinubu Seeks National Assembly Approval for ₦1.15 Trillion Domestic Loan to Fund 2025 Budget

President Bola Tinubu has asked the National Assembly to authorize a new ₦1.15 trillion domestic loan to help finance the deficit in the 2025 budget.

The President’s request was formally presented in a letter read during Tuesday’s Senate plenary session.

In the communication, President Tinubu stated that the proposed borrowing is necessary to bridge the budget’s funding gap and ensure the complete implementation of government programs and projects outlined in the 2025 fiscal plan.

Senate President Godswill Akpabio has since directed the request to the Senate Committee on Local and Foreign Debt. The committee has one week to review the proposal and report back to the chamber for further legislative consideration.

Source: Original reporting from the Senate proceedings.