President Bola Tinubu has asked the National Assembly to approve a fresh ₦1.15 trillion borrowing from the domestic debt market to fund the 2025 budget deficit.
The President’s request was contained in a letter read on the floor of the Senate during plenary on Tuesday. The proposed loan is expected to bridge the funding gap and support the full implementation of government programmes and capital projects under the 2025 fiscal plan.
According to the letter, the borrowing is part of efforts to sustain economic development and maintain financial stability. The President noted that the funds would help ensure timely execution of key national projects.
Also Read: Reps Speaker Backs Tinubu on Borrowing Strategy
Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debt for review. The committee is expected to present its report within one week for further legislative consideration.
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