President Tinubu Seeks Senate Approval of N1.15 Trillion Loan Request

President Bola Tinubu has requested the National Assembly's approval for a fresh ₦1.15 trillion loan from the domestic debt market to finance the 2025 budget deficit.

The President’s request was conveyed in a letter read on the floor of the Senate during plenary on Tuesday.

The proposed borrowing aims to bridge the funding gap and ensure the full implementation of government programs and projects outlined in the 2025 fiscal plan.

Senate President Godswill Akpabio subsequently referred the request to the Senate Committee on Local and Foreign Debt to report back within one week for further legislative action.

This borrowing request comes as Nigeria's public debt is projected to surpass ₦180 trillion, with concerns raised about the country's debt service-to-revenue ratio, which hit 131% in the first two months of 2025.

#UTVAfrica#