President Bola Tinubu has requested the approval of the National Assembly for a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.
The President’s request was conveyed in a letter read on the floor of the Senate during plenary on Tuesday.
According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
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The Senate President subsequently referred the request to the Senate Committee on Local and Foreign Debt to report back within one week for further legislative action.