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Tinubu Requests ₦1.15 Trillion Loan To Plug 2025 Budget Deficit.
President Bola Ahmed Tinubu has formally requested the Senate to approve a fresh domestic borrowing of ₦1.15 trillion to finance the 2025 budget deficit. The appeal, presented in a letter read by Senate President Godswill Akpabio during plenary on Tuesday, seeks to bridge the funding gap and ensure the full execution of government programs outlined in the 2025 Fiscal Plan.....KINDLY READ THE FULL STORY HERE▶
In the letter, Tinubu explained that the National Assembly had approved a ₦59.9 trillion budget, an increase of ₦5.25 trillion over the ₦49.74 trillion initially proposed by the Executive. This increase created a total budget deficit of ₦14 trillion, with the approved borrowing in the budget set at ₦12.95 trillion, leaving an unfunded gap of approximately ₦1.1 trillion.
Tinubu emphasized that the proposed ₦1.15 trillion borrowing is necessary to close this shortfall and is in accordance with Section 44, Subsections 1 and 2 of the Fiscal Responsibility Act of 2007, which mandates legislative approval for all new government borrowings. The President also attached a specimen of the required approval to facilitate the process.
Following the reading of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako, for further legislative consideration. The committee is expected to report back within one week.
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Kwara PDP Protests As Govt Moves To Reopen Robbery Case Against Saraki, Others.
The Peoples Democratic Party (PDP) in Kwara State has strongly opposed reported moves by the state government to revisit the alleged Offa robbery case involving former Governor Abubakar Bukola Saraki and others.....KINDLY READ THE FULL STORY HERE▶
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2027: Oyo APC Senator Alli Declares Governorship Ambition.
Senator representing Oyo South, Sharafadeen Alli, has declared his intention to contest the Oyo State governorship election ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
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Showunmi Declares For Ogun 2027 Governorship, Seeks IPAC Support.
A PDP chieftain and convener of The Alternative, Otunba Segun Showunmi, has declared his intention to contest the 2027 Ogun State governorship election.....KINDLY READ THE FULL STORY HERE▶
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