JUST IN: SENATE APPROVES TINUBU’S REQUEST FOR N1.15TRN DOMESTIC LOAN TO FUND 2025 BUDGET DEFICIT
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The Senate has sanctioned President Bola Tinubu’s appeal for an additional N1.15 trillion loan from the domestic debt market to assist in covering the deficit in the 2025 budget.
The approval granted on Wednesday followed the presentation and examination of the Report of the Committee on Local and Foreign Debts Borrowing Programme aimed at addressing the 2025 Budget Deficit, which was chaired by Senator Aliyu Wamako, APC, Sokoto North.
The report was delivered by the Vice Chairman, Senator Haruna Manu, PDP, Taraba Central.
During his presentation, Senator Manu stated, “That the Senate does Receive and Consider the Report of the Committee on Local and Foreign Debts concerning the approval of the Borrowing Programme to address the 2025 Budget Deficit. ”
It is worth recalling that President Tinubu’s correspondence requesting an additional ₦1.15 trillion borrowing from the domestic debt market to mitigate the 2025 budget deficit was presented in the Senate during plenary on November 4th.
The President’s request was communicated in a letter read by the Senate President, Senator Godswill Akpabio.
As outlined in the letter, the proposed borrowing aims to close the funding gap and facilitate the complete execution of government initiatives and projects outlined in the 2025 fiscal plan.
Subsequently, Akpabio assigned the request to Senator Aliyu Wammako, APC, Sokoto North, who heads the Senate Committee on Local and Foreign Debt, directing him to report back within one week for further legislative proceedings.
Further details to follow…
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