President Bola Tinubu has asked the National Assembly to approve a fresh ₦1.15 trillion domestic loan to help finance the deficit in the 2025 budget.
The request was contained in a letter from the President, which was read on the floor of the Senate during plenary on Tuesday.
According to the letter, the proposed borrowing aims to bridge the funding gap and ensure the full implementation of key government programmes and projects under the 2025 fiscal plan.
Following the reading of the request, Senate President Godswill Akpabio referred it to the Senate Committee on Local and Foreign Debt for consideration and directed the panel to report back within one week for further legislative action.
