Just In: Tinubu seeks fresh N1.15trn domestic loan

In order to pay the 2025 budget deficit, President Bola Tinubu has asked the National Assembly for permission to borrow N1.15 trillion from the domestic debt market.

During Tuesday’s plenary session, Senate President Godswill Akpabio read a letter that included the request.

Tinubu explained that the proposed borrowing would help bridge the funding gap and facilitate the smooth execution of government projects and programs under the 2025 fiscal plan.

The President emphasized that the loan was necessary to sustain the administration’s economic reforms and maintain the momentum of ongoing infrastructure and social investment initiatives.

Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debt for review and recommendations.

The committee is expected to report back within one week for further legislative consideration and approval.

Senate’s recent approval of N2.3 billion

Recall that president Tinubu’s administration had recently been approved to borrow $2.35 billion to help finance the 2025 budget deficit and refinance a maturing Eurobond.

The National Assembly approved this request, which also includes a new $500 million sovereign sukuk bond to fund infrastructure projects.