President Bola Tinubu has sought approval from the National Assembly to borrow an additional N1.15 trillion from the domestic debt market to cover the 2025 budget deficit
The request was presented to the Senate on Tuesday through a letter read during plenary.
According to the letter, the proposed borrowing is intended to close the funding gap and ensure the full execution of government programmes and projects outlined in the 2025 fiscal plan.
Senate President Godswill Akpabio has referred the request to the Senate Committee on Local and Foreign Debt, directing it to submit its report within one week for further legislative consideration.
