President Bola Tinubu has asked the National Assembly to approve a fresh ₦1.15 trillion loan 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 plenary on Tuesday.
According to the President, the proposed borrowing is aimed at bridging the funding gap and ensuring the full implementation of government programmes and projects for the 2025 fiscal year.
The Senate President, Godswill Akpabio, referred the request to the Senate Committee on Local and Foreign Debt for further legislative review.
The committee is expected to report back to the Senate within one week for consideration and possible approval.
