The Nigerian Senate has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to cover a shortfall in the 2025 budget
The approval was granted on Wednesday after senators adopted the report of the Senate Committee on Local and Foreign Debt during plenary.
The committee noted that the 2025 Appropriation Act set total government spending at N59.99 trillion, exceeding the initial executive proposal of N54.74 trillion by N5.25 trillion. This adjustment created a total budget deficit of N14.10 trillion. Of this, N12.95 trillion had already been approved for borrowing, leaving a N1.15 trillion gap that the new loan is intended to fill.
The Senate also adopted a motion sponsored by Senator Abdul Ningi, urging the Appropriations Committee to strengthen oversight and ensure that the borrowed funds are used strictly for the purposes outlined in the 2025 fiscal plan.
President Tinubu had written to the National Assembly on November 4, requesting approval for the fresh ₦1.15 trillion loan, stating that the funds were necessary to bridge the financing gap and support the smooth execution of critical government projects and programmes.
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