- The Senate has approved President Bola Tinubu’s request to secure an additional ₦1.15 trillion from the domestic debt market to address the funding shortfall in the 2025 national budget.
- This latest adjustment raises the total approved spending plan to ₦59.99 trillion and pushes the overall budget deficit for 2025 to ₦14.10 trillion.
- The approval was granted following a review by the Senate Committee on Local and Foreign Debt.
The Nigerian Senate has approved President Bola Tinubu’s request to borrow an additional ₦1.15 trillion from the domestic debt market. This borrowing is intended to cover the remaining deficit in the 2025 national budget.
The approval, granted during Wednesday’s plenary session, followed the adoption of a report from the Senate Committee on Local and Foreign Debt.
The committee reported that the 2025 Appropriation Act now stands at ₦59.99 trillion, representing a substantial ₦5.25 trillion increase from the initial proposal of ₦54.74 trillion. This increase pushes the total budget deficit to ₦14.10 trillion.
President Tinubu had sought the National Assembly’s consent for the additional borrowing in a letter dated November 4, which was read by Senate President Godswill Akpabio. The letter noted that the funds would be sourced locally from the domestic debt market to “bridge the funding gap and sustain the implementation of critical government programmes and projects.”
In a related action, the Senate adopted a motion urging the Appropriations Committee to “intensify its oversight to ensure that all borrowed funds are strictly used for their intended purposes throughout the 2025 fiscal year.”
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