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The National Assembly has approved the Federal Government’s request to raise ₦1.15 trillion through domestic borrowing to address the unfunded deficit in the 2025 budget.
The approval, granted by both the Senate and the House of Representatives, aims to close the financing gap created by the recent upward review of the national budget size.
According to the Federal Government, the borrowing will be sourced on concessional terms with low interest rates and will be channelled towards long-term capital projects and human capital development initiatives.
Government officials assured that the facility would not only sustain ongoing developmental projects but also support critical sectors to enhance economic growth and stability.
