News Investigators/ President Bola Tinubu has written to the House of Representatives seeking the approval of a borrowing plan of N1.15 trillion in the domestic debt market.
Speaker of the House of Representatives, Abbas Tajudeen, read the President’s request letter on Wednesday during plenary.
Mr Tajudeen said that the proposed borrowing plan was to close the unfunded deficit gap created by the increase in the 2025 Budget.
He said: “I write to kindly request for the approval of the National Assembly (NASS) to establish a One Trillion. One Hundred and Fifty Billion Naira (N1.150 trillion) borrowing Programme in the domestic debt market.
“This request is pursuant to the provisions of Section 44(1-2) of the Fiscal Responsibility Act (FRA), 2007, which requires the approval of the NASS for all new borrowings by the Federal Government”.
The president reminded the lawmakers of their budget increase of N59.99 trillion being an increase of N5.25 Trillion from the N49.74 trillion budget proposed by the Executive.
Tinubu said the increase created a budget deficit of N14.10 trillion.
According to him, the proposed borrowing approved in the budget was N12.95 trillion, which occasioned an unfunded deficit of N1,147,462,863.321 trillion.
He explained that it was necessary to increase the domestic borrowing limit in the 2025 budget by N1.145 trillion to close the gap.
NAN
