National News
Tinubu writes Senate, seek ₦1.15tr loan to finance 2025 Budget shortfall
President Bola Ahmed Tinubu has asked the National Assembly to approve a fresh ₦1.15 trillion borrowing from the domestic debt market to finance the deficit in the 2025 budget.
The request was contained in a letter read on the floor of the Senate during plenary on Tuesday.
According to the letter, the proposed borrowing is aimed at bridging the funding gap and ensuring the full implementation of government programmes and projects outlined in the 2025 fiscal year.
Following the reading of the letter, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further legislative action, directing the committee to report back within one week.
More to come.
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