President Bola Ahmed Tinubu don write letter give Senate, dey beg make dem approve one fresh ₦1.15 trillion loan from di domestic debt market to help close di gap wey dey inside 2025 budget.
Senate President Godswill Akpabio read di president letter for plenary on Tuesday, say di new borrowing go help government fit implement di 2025 programmes and projects as dem plan am for di fiscal year.
According to Tinubu, dis loan dey inside di Fiscal Responsibility Act of 2007, wey talk say every new borrowing by federal government must get National Assembly approval before e go fit happen.
Tinubu letter talk say:
“I dey request make National Assembly approve ₦1,150,000,000,000 borrowing from domestic debt market to close di unfunded deficit gap wey come from increase for di budget size pass wetin dem approve before for revenue and borrowing plan.”
E come add say di 2025 budget wey National Assembly pass reach ₦59.9 trillion — about ₦5.25 trillion higher than di proposal wey executive first send give dem — don create one ₦14 trillion deficit. Out of di ₦14 trillion, only ₦12.95 trillion borrowing dem approve before, so ₦1.15 trillion still remain open.
Because of dat, Tinubu say e dey necessary to increase domestic borrowing limit by ₦1.147 trillion to balance di matter.
Senate President Akpabio don refer di request go Senate Committee on Local and Foreign Debt, wey Senator Aliyu Wammako (APC, Sokoto North) dey chair. Di committee get one week to bring report come back for further action.
