President Bola Tinubu has asked the National Assembly to approve a fresh N1.15 trillion borrowing from the domestic debt market to finance the deficit in the 2025 budget.
The request was contained in a letter read on the floor of the Senate during Tuesday’s plenary session.
In the correspondence, President Tinubu explained that the proposed borrowing is aimed at bridging the funding gap and ensuring the full execution of key government programmes and projects captured in the 2025 fiscal plan.
Following the reading of the letter, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debt for consideration.
The committee is expected to report back within one week for further legislative action.
If approved, the borrowing will add to the federal government’s domestic debt stock as part of measures to "sustain public spending amid revenue shortfalls."
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