November 4, 2025 | Abuja
President Bola Tinubu has sought the Senate’s approval for a Domestic Loan of N1.15 trillion to finance the deficit in Nigeria’s 2025 budget and sustain key government projects.
The president’s request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and read during plenary on Tuesday.
According to the letter, the proposed Loan is intended to bridge the funding gap in the 2025 fiscal plan and to guarantee the smooth implementation of national programmes and development initiatives across the country.
Tinubu explained that the new Domestic Loan aligns with his administration’s fiscal responsibility framework and economic recovery strategy aimed at strengthening revenue generation, job creation, and infrastructural growth.
Following the reading of the president’s letter, Senate President Akpabio referred the Domestic Loan request to the Senate Committee on Local and Foreign Debt for further legislative consideration and recommendations.
The committee is expected to review the details of the proposed Domestic Loan and present its findings to the plenary within one week for possible approval.
If approved, the Loan will help Nigeria close its 2025 budget deficit, improve public service delivery, and ensure that major projects under the fiscal plan are fully implemented. Visit GMTNewsng for more news.
