Fresh ₦1.15 Trillion Domestic Loan: Tinubu Seeks Senate Approval
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Fresh ₦1.15 Trillion Domestic Loan: Tinubu Seeks Senate Approval
The request was sent by President Tinubu in a letter to the Senate, which was read by the Senate President, Godswill Akpabio, during the plenary session yesterday 4 November.
The purpose of the loan is to fill the gap in the 2025 budget which the president stated that these borrowing is as a result of the actions of the national assembly during the budget processing as the initial 2025 budget was 49.74 trillion but the NASS made an increase of ₦10 trillion making turning the spending plan to ₦59.9 trillion.
The current loan request is precisely to cover deficit gap of ₦1.15 trillion approximately, making the current country's debt as of the month of June was recorded to be 152.4 trillion according to
These massive dabt increase is as a result of
Devaluation of naira against us dollars as the existing external debt component is measured in naira and the new borrowings both inside and out of the country.
The request has been send to the appropriate committee on debt in the Senate for proper inquiries, scrutiny and recommendations before presenting to the chamber for final approval.
I'm Aisha shehu
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