The Nigerian Senate has approved President Bola Tinubu’s request to borrow over one trillion naira (approximately $804 million) from the domestic market to finance part of the 2025 budget deficit.
The approval comes as Nigeria faces growing public debt and rising inflation, deepening economic hardship for millions of citizens.
Meanwhile, a new World Bank report has raised questions about the weak impact of social spending on poverty reduction, urging the government to prioritize accountability and transparency in fiscal management.
