President Bola Ahmed Tinubu has requested the approval of the National Assembly to raise a fresh ₦1.15 trillion from the domestic debt market to finance the deficit in the 2025 national budget.

The request was contained in a letter from the President, which was read on the floor of the Senate during Tuesday’s plenary session.

According to the letter, the proposed borrowing aims to bridge the government’s funding shortfall and ensure the effective implementation of key programmes and projects outlined in the 2025 fiscal plan.

Following the reading of the letter, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debt for consideration and directed the committee to report back within one week.