President Bola Tinubu has asked the Senate for approval to borrow ₦1.15 trillion from the domestic debt market to finance part of the deficit in the 2025 national budget.
Senate President, Godswill Akpabio,read Tinubu’s letter during Tuesday’s plenary session.
He explained that said the fresh borrowing would bridge the funding gap and ensure the full implementation of government programmes and projects under the 2025 fiscal plan.
The Senate President forwarded the request to the Senate Committee on Local and Foreign Debt for further legislative consideration, directing it to report back within one week for subsequent action.
The Senate, had last week approved another of Tinubu’s requests — a $2.847 billion external borrowing plan, including a $500 million debut Sovereign Sukuk, aimed at financing the 2025 budget deficit and refinancing Nigeria’s maturing Eurobonds.
It had earlier approved the presentation of a report by its Committee on Local and Foreign Debts, chaired by Senator Wamakko Magatarkada Aliyu (APC, Sokoto North).
The committee said the $2.347 billion would be sourced from the international capital market, while the remaining $500 million would come from Sukuk bonds to fund key infrastructure projects nationwide.