President Bola Tinubu has asked the National Assembly to approve a new domestic loan of ₦1.15 trillion. The purpose of the loan is to fund the deficit in the proposed 2025 national budget.
The President’s request was delivered in a letter read during a Senate plenary session on Tuesday. In the letter, President Tinubu stated that the borrowing is necessary to bridge the budget funding gap. This will ensure the full implementation of government projects and programs planned for 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. The committee has been given one week to review the proposal and report back to the full Senate for a final decision.
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