US EditionBREAKING: Nigerian Senate Approves Tinubu’s N1.15tn Loan Request
The borrowing aims to close a N1.15 trillion unfunded deficit in the N59.99 trillion 2025 budget to ensure full funding of government projects, Senate approved the measure.
- On Wednesday, the Nigerian Senate approved President Bola Tinubu's request to raise N1.15 trillion from the domestic debt market after adopting a report from the Senate Committee on Local and Foreign Debt presented by Sen. Manu Haruna, Vice Chairman.
- Because the budget expanded by N5.25 trillion, the 2025 Appropriation Act created a total deficit of N14.10 trillion, prompting senators to raise the domestic borrowing limit.
- Sen. Abdul Ningi moved that the Committee on Appropriations intensify oversight to ensure proper fund use, while Sen. Adeola Solomon urged quick sourcing to fund capital projects.
- The Senate mandated its Committee on Local and Foreign Debts to oversee loan implementation and urged the Federal Ministry of Finance and Debt Management Office to provide quarterly reports on utilisation and repayment, while directing the Committee on Appropriations to monitor fund use and debt sustainability.
- With the 2025 Appropriation Act enlarged, senators said increasing the domestic borrowing limit was necessary to close the funding gap and keep capital components of the 2025 Appropriation Act funded.
26 Articles
26 Articles
Senate Approves Tinubu’s Request To Borrow N1.15trn
The Senate, on Wednesday, approved President Bola Tinubu’s request for N1.15 trillion loan from the domestic debt market to finance deficit in the 2025 budget. The approval followed adoption of report of Senate Committee on Local and Foreign Debts. The report was presented by the Vice Chairman of the Committee, Sen. Manu Haruna (APC -Taraba). Tinubu had on Tuesday, November 4 in a letter urged the senate to approve the domestic loan request to f…
Reps approve Tinubu’s fresh ₦1.150 trillion borrowing plan to fund 2025 budget deficit
Last week, President Tinubu wrote to the legislature requesting approval for the domestic borrowing plan. The post Reps approve Tinubu’s fresh ₦1.150 trillion borrowing plan to fund 2025 budget deficit appeared first on Premium Times Nigeria.
Daily Post Nigeria
BREAKING: Nigerian Senate approves Tinubu’s N1.15tn loan request
The Nigerian Senate has approved the request of President Bola Tinubu to raise N1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit. This comes after the adoption of a report by the Senate Committee on Local and Foreign Debt during plenary on Wednesday. According to the committee, the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 tril…
National Assembly Approves Tinubu’s N1.15tr Loan Request To Fund 2025 Budget Deficit
The National Assembly has approved President Bola Tinubu’s request for a N1.15 trillion loan in the domestic debt market to fund the 2025 budget deficit. The approval at the Senate and the House of Representatives gave its approval during their separate plenary sessions yesterday. On November 4, Tinubu asked the parliament to authorise the borrowing, explaining that the shortfall in domestic financing arose from an expansion of the budget beyond…
Opposition raises alarm over govt transparency in use of loan funds
In a sharply-worded speech in the Senate on Wednesday, opposition lawmaker Senator Andre Worrell accused the Mottley administration of failing to show how hundreds of millions of dollars in loans taken out over the past seven years have tangibly benefitted Barbadians, raising concerns about transparency and accountability in public borrowing. As the Senate moved to pass the Development Bank of Latin America and the Caribbean Act, Senator Worrell…
Senate Approves Tinubu’s N1.15trn Loan To Fund 2025 Budget Deficit
The Senate, on Wednesday, approved President Bola Tinubu’s fresh request to source N1.15 trillion loan in the domestic debt market to fund the deficit in the 2025 budget. The Senate made the approval following the presentation and consideration of the report of the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (APC... The post Senate Approves Tinubu’s N1.15trn Loan To Fund 2025 Budget Deficit appeared first on New Telegr…
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