Nigerian Senate Approves N1.15tn Loan Request by President Tinubu for 2025 Budget

The Nigerian Senate has approved President Bola Tinubu's request to borrow N1.15 trillion from the domestic debt market to finance part of the deficit in the 2025 national budget. The loan approval follows a detailed report presented by the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wamako.

The borrowing proposal was recommended for adoption to bridge Nigeria's fiscal gap and support ongoing development programs. The loan is intended to complement other sources of budget financing, including external loans, grants, and internal revenue.

The move is seen as crucial to sustaining the administration's economic growth agenda.