BREAKING: Tinubu seeks N1.15 trillion domestic loan to fund 2025 budget deficit despite removing subsidy

President Bola Tinubu has requested the approval of the National Assembly to obtain a fresh ₦1.15 trillion loan from the domestic debt market to finance the deficit in the 2025 national budget.

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

Tinubu explained that the proposed borrowing is aimed at bridging the funding gap and ensuring full implementation of government projects and programmes under the 2025 fiscal plan.

This comes despite his administration’s earlier removal of fuel subsidy — a policy touted to save the government trillions of naira annually and reduce the need for excessive borrowing.

Akpabio has referred the request to the Senate Committee on Local and Foreign Debt for further legislative scrutiny, with a directive to report back within one week.

Details shortly…