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Tinubu Seeks Senate Approval for ₦1.15Trn Domestic Loa
President Bola Ahmed Tinubu has asked the National Assembly to approve the Federal Government’s plan to raise ₦1.15 trillion from the domestic debt market to support implementation of the 2025 budget.
The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary in Abuja.
According to the President, the additional borrowing is necessary to cover components of the budget that cannot be financed by available revenues, in line with the administration’s fiscal framework and debt-management strategy.
Akpabio referred the proposal to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako (APC, Sokoto North), for legislative scrutiny.
The committee is expected to report back within one week.
Tinubu’s request comes as the Federal Government continues efforts to bridge revenue gaps and maintain budget credibility while sustaining key economic reforms aimed at stabilising the economy and promoting growth.
Nigeria has increasingly turned to domestic borrowing to limit exposure to exchange-rate volatility and the rising cost of foreign loans. However, analysts warn that frequent taps on the local market could heighten debt-service burdens and tighten liquidity for private-sector borrowing.
The Senate will determine whether to approve the full amount or attach conditions to the borrowing plan when it considers the committee’s recommendations.
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