President Bola Tinubu has asked the National Assembly to approve a fresh ₦1.15 trillion borrowing from the domestic debt market to finance the deficit in the 2025 budget.
The request was contained in a letter read on Tuesday by Senate President Godswill Akpabio during plenary.
Tinubu said the borrowing was necessary to bridge the funding gap and ensure full implementation of government programmes and projects in the 2025 fiscal year.
Akpabio referred the request to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako (APC, Sokoto North), for further legislative action.
The committee was directed to report back to the Senate within one week.
