President Bola Tinubu has sought the approval of Senate for a fresh N1.15 trillion loan from the domestic debt market to finance deficit in the 2025 budget.
Tinubu’s request was contained in a letter addressed to President of Senate Godswill Akpabio and read during plenary on Tuesday.
The request was conveyed in a letter read on the floor of the Senate during plenary on Tuesday.
According to the letter, the proposed borrowing aims to bridge the funding gap and ensure the full implementation of government programmes and projects under the 2025 fiscal plan.
Senate President Godswill Akpabio has referred the request to the Senate Committee on Local and Foreign Debt, instructing it to report back within one week for further legislative action.
According to the letter, the proposed borrowing is aimed at bridging the funding gap and ensuring the full implementation of government programs and projects under the 2025 fiscal plan.
Following the reading of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further legislative input.
The committee is expected to report back to plenary in one week.
