President Bola Tinubu has sought the approval of Senate for a fresh N1.15 trillion loan from the domestic debt market to finance deficit in the 2025 budget.

Tinubu’s request was contained in a letter addressed to President of Senate Godswill Akpabio and read during plenary on Tuesday.

According to the letter, the proposed borrowing is aimed at bridging the funding gap and ensuring the full implementation of government programs and projects under the 2025 fiscal plan.

Following the reading of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further legislative input.

The committee is expected to report back to plenary in one week.