President Bola Tinubu has sought the approval of the National Assembly for a fresh N1.15 trillion borrowing.
The money, which will be borrowed from the domestic debt market, was to help finance the deficit in the 2025 budget.
The President’s request was conveyed in a letter read on the floor of the Senate during plenary on Tuesday.
The letter stated that the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
Senate President Godswill Akpabio subsequently referred the request to the Senate Committee on Local and Foreign Debt to report back within one week for further legislative action.
