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

The request was contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session.

According to the President, the proposed borrowing is intended to bridge the funding gap in the 2025 fiscal plan and ensure the smooth execution of key government programmes and infrastructure projects.

Akpabio referred the request to the Senate Committee on Local and Foreign Debt for detailed scrutiny. The committee has been directed to submit its report within one week for further consideration and possible approval by the upper chamber.

If approved, the loan will form part of the government’s domestic borrowing strategy to manage budgetary shortfalls and sustain ongoing development initiatives.