President Bola Tinubu has requested the approval of the National Assembly for a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.
The President’s request was conveyed in a letter read on the floor of the Senate during plenary on Tuesday.
According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
The Senate President subsequently referred the request to the Senate Committee on Local and Foreign Debt to report back within one week for further legislative action.
GISTSMATE MEDIA earlier reported that the World Bank said it has fixed December 16 as a tentative approval date for a fresh $1bn Development Policy Financing loan to the country under a new initiative tagged “Nigeria Actions for Investment and Jobs Acceleration (P512892).”
According to a project document published by the bank on October 27, the new facility comprises a $500m International Development Association credit and a $500m International Bank for Reconstruction and Development loan.
The facility, which falls under the bank’s Macroeconomics, Trade and Investment practice area for the Western and Central Africa region, is designed to strengthen ongoing economic reforms, promote job creation, and accelerate private investment.
The proposed loan is part of the bank’s broader support package aimed at consolidating the country’s post-reform stability and driving inclusive growth across key sectors of the economy.
The funding is designed to consolidate Nigeria’s ongoing macroeconomic reforms and support a decisive shift from economic stabilisation to inclusive growth.
It will be implemented through the Federal Ministry of Finance, with the World Bank confirming that the loan preparation process has been authorised to proceed.
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