President Bola Tinubu
President Bola Tinubu has asked the National Assembly to approve a new ₦1.15 trillion loan from the domestic debt market to help cover the deficit in the 2025 national budget.
The President’s appeal was contained in a letter presented during Tuesday’s plenary session and read aloud by the Senate President.
In the correspondence, Tinubu explained that the additional borrowing is necessary to “bridge the funding gap” and guarantee the full execution of key government projects and programs outlined in the 2025 fiscal framework.
Following the reading of the letter, the Senate President referred the request to the Senate Committee on Local and Foreign Debt, directing the committee to review the proposal and submit its findings within one week for further legislative consideration.
