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 budget.
The request was contained in a letter read during Tuesday’s Senate plenary.
In the letter, Tinubu explained that the borrowing is necessary to close the funding gap and ensure the smooth execution of government projects and programs outlined in the 2025 fiscal plan.
After reading the letter, the Senate President forwarded the request to the Senate Committee on Local and Foreign Debt, directing the committee to review it and submit a report within a week for further consideration.
This comes a few days after the House of Representatives approved President Bola Tinubu’s request to borrow $2.35 billion to help cover part of Nigeria’s 2025 budget deficit.
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