President Bola Tinubu has asked the National Assembly to approve a new ₦1.15 trillion loan from the domestic market to help cover part of the deficit in the 2025 national budget.
The request, contained in a letter from the President and read by Senate President Godswill Akpabio during Tuesday’s plenary, stated that the borrowing is intended to bridge the fiscal gap and ensure the smooth implementation of key government programmes and projects in the 2025 budget.
According to the letter, the request is made under the provisions of Section 44 (1) and (2) of the Fiscal Responsibility Act 2007 and Section 1(7) of the Executive Order, which require National Assembly approval for new borrowings and appropriation of the proceeds.
After reading the letter, Akpabio referred the proposal to the Senate Committee on Local and Foreign Debt for further consideration and directed the committee to present its report within one week.
Nigeria’s total public debt stock stood at ₦152.40 trillion as of June 30, 2025, according to recent data from the Debt Management Office. This marks an increase of ₦3.01 trillion from the ₦149.39 trillion recorded at the end of March 2025. In dollar terms, the debt rose from $97.24 billion to $99.66 billion, reflecting a 2.49 per cent increase over the three-month period.
The rising figures highlight the Federal Government’s continued reliance on domestic and external borrowing to finance fiscal deficits, even as ongoing revenue and foreign exchange reforms aim to improve Nigeria’s economic stability.
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