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Senate Approves Tinubu’s Request To Borrow N1.15 Trillion To Fund 2025 Budget Deficit
The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.
Abuja, Nigeria– The Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit.
The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.
According to the committee, the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion — an increase of N5.25 trillion from the N54.74 trillion earlier proposed by the Executive.
This expansion created a total budget deficit of N14.10 trillion.
Out of the total deficit, N12.95 trillion had already been approved for borrowing, leaving an unfunded balance of N1.15 trillion (N1,147,462,863,321), which the new approval seeks to address.
In a related development, the Senate adopted a motion sponsored by Senator Abdul Ningi, mandating the Committee on Appropriations to strengthen its oversight functions.
The committee is to ensure that the borrowed funds are properly utilized during the 2025 fiscal year and applied strictly for their intended purposes.
President Tinubu had, in a letter dated November 4, sought the National Assembly’s approval for the fresh borrowing.
He explained that the proposed N1.15 trillion domestic loan would help bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
