President Bola Tinubu has submitted a formal request to the National Assembly for fresh borrowing of ₦1.15 trillion from Nigeria’s domestic debt market to help finance the shortfall in the 2025 budget.
His appeal was conveyed in a letter read during Tuesday’s Senate plenary, where the President emphasized that the proposed loan is needed to close the funding gap and ensure full execution of government programmes and projects scheduled under the 2025 fiscal plan.
The request marks another major step in the administration’s ongoing struggle to balance fiscal responsibility with the urgent need for economic stability and national development.
In his message to lawmakers, President Tinubu emphasized that the ₦1.15 trillion loan would not be an act of recklessness, but a targeted measure designed to close funding gaps that threaten to derail key government commitments.
“The proposed loan is needed to close the funding gap and ensure full execution of government programmes and projects scheduled under the 2025 fiscal plan,”the President wrote.
Senate President Godswill Akpabio referred the proposal to the Senate Committee on Local and Foreign Debt, tasking the panel to examine the request and submit its report within one week to facilitate legislative consideration and action.
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