The senate has approved president Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to fund the remaining portion of the 2025 budget deficit.
The approval followed the adoption of a report by the senate committee on local and foreign debt during plenary on Wednesday, November 12.
The committee noted that the 2025 appropriation act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 trillion over the N54.74 trillion initially proposed by the executive.
This expansion created a total budget deficit of N14.10 trillion. Of this, N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of approximately N1.15 trillion (N1,147,462,863,321).
In a related development, a motion by senator Abdul Ningi was adopted, directing the senate committee on appropriations to intensify its oversight to ensure that the borrowed funds are properly implemented in the 2025 fiscal year and used strictly for their intended purposes.
President Tinubu had on Tuesday, November 4, requested the approval of the National Assembly for a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.
The President’s request was conveyed in a letter.
According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
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