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Senate okays Tinubu’s N1.15trn loan request to fund 2025 budget deficit
The Senate has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to finance the deficit in the 2025 budget.
The approval came on Wednesday after the presentation and consideration of the report by the Senate Committee on Local and Foreign Debts Borrowing Programme to Fund the 2025 Budget Deficit, chaired by Senator Aliyu Wamako of the All Progressives Congress (APC), representing Sokoto North.
The report was presented to the chamber by the committee’s Vice Chairman, Senator Haruna Manu, of the Peoples Democratic Party (PDP), representing Taraba Central.
In his presentation, Senator Manu said, “That the Senate do Receive and Consider the Report of the Committee on Local and Foreign Debts for the approval of the Borrowing Programme to Fund the 2025 Budget Deficit.”
Recall that President Tinubu’s letter seeking a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget was read in the Senate during plenary on November 4th.
The President’s request was conveyed in a letter read by the President of the Senate, Senator Godswill Akpabio.
According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan.
Akpabio thereafter referred the request to Senator Aliyu Wammako, APC, Sokoto North, who led the Senate Committee on Local and Foreign Debt, to report back within one week for further legislative action.
Details later…
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