Why I am seeking for additional N1.15trillion loan – Tinubu | READ DETAILS
Days after Nigeria’s Senate approved President Bola Tinubu’s requests for a $2.847billion external borrowing plan, a $500m debut Sovereign Sukuk, aimed at financing the 2025 budget deficit and refinancing Nigeria’s maturing Eurobonds, the president is seeking approval for another loan.
According to a letter addressed to the Senate and read during plenary by Senate President Godswill Akpabio, on Tuesday, Tinubu is seeking the approval of the Senate to borrow N1.15tn from the domestic debt market to finance part of the deficit in the 2025 national budget.
According to the President, the fresh borrowing would “bridge the funding gap and ensure the full implementation of government programmes and projects” under the 2025 fiscal plan.
Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further legislative consideration, directing it to report back within one week for subsequent action.
