President Bola Tinubu has sought the approval of the Senate for a fresh N1.15 trillion loan from the domestic debt market to finance the deficit in the 2025 budget.
Tinubu’s request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary in Abuja on Tuesday, November 4, 2025.
Tinubu said 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.
Federal tax reforms to grant 50 exemptions for low-income earners, SMEs from 2026
After reading of the letter, 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.
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