President Bola Ahmed Tinubu has submitted a formal request to the Nigerian Senate seeking approval for a fresh ₦1.15 trillion domestic loan. The loan is intended to finance critical infrastructure and development projects outlined in the 2025 Appropriation Act nigerpress.com PM News Nigeria.
The request was delivered in a letter addressed to Senate President Godswill Akpabio and read during plenary. Tinubu emphasized that the borrowing would help bridge the funding gap in the national budget and ensure full implementation of government programs PM News Nigeria.
According to the letter, the loan will be sourced from the domestic debt market, aligning with the administration’s strategy to avoid increasing Nigeria’s external debt burden. The president also highlighted the importance of stimulating economic growth and strengthening social programs through targeted investments The Times Nigeria Newspaper.
Following the reading of the letter, the Senate referred the request to its Committee on Local and Foreign Debt for further legislative review. The committee is expected to report back within one week PM News Nigeria.
This request comes shortly after the Senate approved Tinubu’s earlier proposal to secure $2.847 billion in foreign loans, underscoring the administration’s aggressive fiscal approach to closing budgetary gaps.
Sources:
Nigerpress | PM News Nigeria
The Times Nigeria
