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Tinubu Seeks Senate Approval for Fresh ₦1.15 Trillion Loan to Fund 2025 Budget Deficit


President Bola Ahmed Tinubu has officially requested the approval of the National Assembly for a fresh ₦1.15 trillion domestic loan aimed at bridging the growing deficit in Nigeria’s 2025 national budget.

The President’s request was contained in a letter read on the floor of the Senate, urging lawmakers to grant approval for the borrowing to cover what he described as the “unfunded portion of the 2025 budget.”

According to the letter, the proposed loan will be sourced from the domestic debt market and is intended to finance key infrastructural and developmental projects across the country. The President explained that rising expenditure and shortfalls in expected revenue necessitated the additional borrowing.

The Senate has since referred the request to its Committee on Local and Foreign Debt for review and recommendation. Lawmakers are expected to deliberate on the fiscal implications before giving final approval.

This new borrowing adds to Nigeria’s mounting debt profile, sparking renewed debates among economists and policy analysts over the country’s debt sustainability and fiscal management under the current administration.

Observers say the Tinubu government faces a tough balancing act between sustaining national development and maintaining economic stability amid inflationary pressures and dwindling oil revenue.

#Tinubu #NigeriaEconomy #BreakingNews #Budget2025 #NationalAssembly #DailyGistGuide #NigeriaPolitics #DebtCrisis #EconomicUpdate #NigerianSenate

 

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