President Bola Ahmed Tinubu has written to the Senate seeking approval for a fresh ₦1.15 trillion loan from the domestic debt market to bridge the 2025 budget deficit.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary session, Tinubu explained that the proposed borrowing would support the full implementation of government projects and programmes captured in the 2025 fiscal plan.
The president noted that the additional funds were necessary to close the gap between expected revenues and expenditure obligations, ensuring that essential national development projects are not stalled.
Following the reading of the letter, Akpabio referred the loan request to the Senate Committee on Local and Foreign Debt for further legislative scrutiny and recommendations.
The committee has been directed to review the proposal and report back to the chamber within one week.
If approved, the ₦1.15 trillion borrowing will add to Nigeria’s growing domestic debt profile as the government continues efforts to stimulate economic growth amid fiscal pressures and infrastructure financing needs.
