The Senate has approved President Bola Tinubu’s request to borrow ₦1.15 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 ₦59.99 trillion — an increase of ₦5.25 trillion over the initial ₦54.74 trillion proposed by the Executive. This expansion resulted in a total deficit of ₦14.10 trillion, out of which ₦12.95 trillion had already been approved for borrowing, leaving a shortfall of about ₦1.15 trillion (₦1,147,462,863,321).
In a related development, the Senate adopted a motion by Senator Abdul Ningi mandating the Committee on Appropriations to intensify oversight to ensure that the borrowed funds are judiciously utilized in the 2025 fiscal year and applied strictly for their intended purposes.
President Tinubu had, in a letter dated November 4, sought legislative approval for the ₦1.15 trillion domestic borrowing to bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan.
