Tinubu Seeks N1.15tn Loan for 2025 Budget, Senate Review Underway

Former Lagos State Governor and political leader Bola Tinubu has requested a N1.15 trillion loan to finance Nigeria's 2025 budget. The Senate, led by President Godswill Akpabio, is reviewing the proposal, which aims to address the budget deficit of N54.99 trillion.

Tinubu's request follows an increase in the budget deficit to N14 trillion, necessitating additional borrowing. The Senate's approval is crucial to establish a domestic debt market program to bridge the deficit gap.

The Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako, is overseeing the process.