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Tinubu seeks ₦1.15 trillion domestic loan to cover 2025 budget shortfall

By Maryam Umar
Estimated reading time: Less than 1 minutes

Tinubu seeks ₦1.15 trillion domestic loan to cover 2025 budget shortfall

President Bola Tinubu has formally requested the National Assembly’s approval to borrow ₦1.15 trillion from the domestic debt market to finance the 2025 budget deficit.

The request was presented in a letter read during Senate plenary on Tuesday, explaining that the loan will help bridge the funding gap and support full implementation of government projects and programmes for the fiscal year.

READ ALSO: Tinubu okays 15% import duty on petrol, diesel, raising fears of price hike

Senate President Godswill Akpabio has referred the matter to the Senate Committee on Local and Foreign Debt for review. The committee is expected to submit its report within one week for further action.

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