President Bola Tinubu has requested Senate approval for a fresh ₦1.15 trillion domestic loan to cover part of Nigeria’s 2025 budget deficit.
Senate President Godswill Akpabio read the President’s letter during Tuesday’s plenary, noting that the loan will help fund critical projects and stabilize fiscal operations.
The request comes days after the Senate approved another $2.8 billion external borrowing plan, including a $500 million Sukuk bond.
Nigeria’s public debt has now risen to ₦152.4 trillion, according to the Debt Management Office, reflecting the government’s growing reliance on borrowing to finance deficits.
Tinubu’s administration insists the loans are essential for infrastructure, pensions, and public service delivery, though economists warn of mounting repayment pressures.
The Senate Committee on Local and Foreign Debt has been mandated to review the new request and report within one week.
