President Bola Tinubu has formally requested the Senate’s approval to borrow ₦1.15 trillion from the domestic debt market to help finance part of the 2025 national budget deficit.
The request, contained in a letter addressed to the Senate President, Godswill Akpabio, was read during Tuesday’s plenary session.
According to the president, the proposed loan will be sourced locally and is intended to close the funding gap in the 2025 Appropriation Bill currently under consideration by the National Assembly.
Tinubu explained that the borrowing forms part of the government’s fiscal strategy to maintain budgetary stability, stimulate economic growth, and sustain critical public spending.
The Senate is expected to deliberate on the request alongside other components of the Medium-Term Expenditure Framework and the Fiscal Strategy Paper (FSP) for 2025–2027.
If approved, the new loan will add to the federal government’s existing domestic debt profile, which continues to grow amid efforts to balance revenue shortfalls with rising expenditure needs.
