President Bola Ahmed Tinubu has formally asked the National Assembly to approve the borrowing of ₦1.15 trillion from the domestic debt market to help finance the 2025 budget deficit.
The request was conveyed in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session in Abuja.
Purpose of the Borrowing
According to President Tinubu, the proposed loan is designed to bridge the budgetary funding gap and ensure the smooth implementation of key government programs and projects under the 2025 fiscal plan.
He noted that the borrowing is essential to sustain ongoing economic reforms, maintain fiscal stability, and continue the administration’s investments in infrastructure and social welfare initiatives.
Senate Committee to Review Request
After reading the President’s letter, Senate President Akpabio referred the proposal to the Senate Committee on Local and Foreign Debt for review and recommendations.
The committee has been directed to submit its report within one week for further legislative action and possible approval.
Previous Borrowing Approvals
It would be recalled that the Tinubu administration recently received approval from the National Assembly to borrow $2.35 billion to finance the 2025 budget deficit and refinance maturing Eurobonds.
The approval also covered the issuance of a $500 million sovereign sukuk bond earmarked for major infrastructure projects across the country.
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