Tinubu seeks senate approval for N1.15trn domestic loan

President Bola Ahmed Tinubu has asked the National Assembly to approve a fresh₦1.15 trillion loan from the domestic debt market to support funding for the 2025 national budget.

The request was formally communicated through a letter read on the Senate floor during Tuesday’s plenary session.

According to the letter, the proposed borrowing is aimed at bridging the funding gap and ensuring the full implementation of government programmes and projects under the 2025 fiscal plan.

Following the reading of the letter, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further legislative consideration.

The committee is expected to report back within one week for subsequent action.