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President Bola Tinubu has requested the National Assembly's approval for a new borrowing of N1.15 trillion from the domestic debt market to finance the deficit in the 2025 budget.
The President's request was communicated in a letter that was read during the Senate plenary session on Tuesday.
The letter indicated that the proposed borrowing aims to close the funding gap and ensure the complete execution of government programs and projects outlined in the 2025 fiscal plan.
Senate President Godswill Akpabio subsequently referred the request to the Senate Committee on Local and Foreign Debt, which is expected to report back within one week for further legislative action.
Further details will be provided shortly…
Frequently Asked Questions
What is the purpose of President Bola Tinubu's borrowing request?
The borrowing request is intended to finance the deficit in the 2025 budget and ensure the full implementation of government programs and projects.
What will happen after the Senate Committee reviews the request?
The Senate Committee on Local and Foreign Debt will report back within one week for further legislative action regarding the borrowing request.
Eze Chidiebere Paul
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