By our reporter 4.11.2025
President Bola Tinubu Tuesday wrote the Senate seeking approval for a fresh N1.15 trillion loan from the domestic debt market to finance deficit in the 2025 budget.
Tinubu’s request was contained in a letter addressed to President of Senate Godswill Akpabio and read during plenary on Tuesday.
According to the letter, the proposed borrowing is aimed at bridging the funding gap and ensuring the full implementation of government programmes and projects under the 2025 fiscal plan.
Following the reading of the letter, Mr Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further legislative input.
The committee is expected to report back to plenary in one week.
Meanwhile the World Bank is ready to facilitate a $1bn Development Policy Financing loan, which Tinubu has previously requested for, setting December 16 date to deliberate on the loan approval.
According to a project document published by the bank on October 27, the new facility comprises a $500m International Development Association credit and a $500m International Bank for Reconstruction and Development loan.