President Bola Ahmed Tinubu has written to the National Assembly seeking approval to obtain a ₦1.15 trillion loan from the domestic market to finance part of the 2025 budget deficit.
According to the letter read during the plenary session, the request is part of the administration’s efforts to bridge the fiscal gap and ensure the smooth implementation of key national projects outlined in the 2025 Appropriation Bill.
The proposed borrowing will be raised from domestic financial institutions and the capital market, aligning with the federal government’s debt management strategy to prioritize local borrowing over external debt in order to reduce exchange rate risks.
Tinubu emphasized that the funds would be utilized for critical infrastructure, social welfare programs, and debt servicing, adding that the move was essential to maintain fiscal stability amid global economic pressures.
The National Assembly is expected to deliberate on the proposal in the coming days before giving formal approval.