President Bola Tinubu has asked the National Assembly to approve a new borrowing of ₦1.15 trillion from the domestic debt market to finance the deficit in the 2025 national budget.

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

In the communication, the President explained that the proposed borrowing is aimed at bridging the funding gap and ensuring the smooth implementation of key government programmes and projects under the 2025 fiscal framework.

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