By Joshua Tosin Ogunsakin 
President Bola Tinubu has asked the National Assembly to approve a fresh borrowing of ₦1.15 trillion from the domestic debt market to help address the shortfall in the 2025 national budget.
The request was conveyed in a formal letter presented by Senate President Godswill Akpabio during Tuesday’s plenary session.
In the letter, President Tinubu explained that the proposed loan is necessary to bridge the existing funding gap and guarantee the full execution of key government initiatives and capital projects outlined in the 2025 fiscal year.
After the letter was read, Akpabio referred the matter to the Senate Committee on Local and Foreign Debt, led by Senator Aliyu Wammako (APC, Sokoto North), mandating the panel to review the proposal and submit its report within one week for further consideration by the upper chamber.