The Nigerian Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to fund the unfunded portion of the 2025 budget deficit.
The approval followed the adoption of a report presented by the Senate Committee on Local and Foreign Debt during plenary on Wednesday.
According to the committee, the 2025 Appropriation Act outlines a total expenditure of N59.99 trillion—an increase of N5.25 trillion from the N54.74 trillion initially proposed by the Executive. The adjustment resulted in a total budget deficit of N14.10 trillion. While N12.95 trillion had earlier been approved for borrowing, an outstanding deficit of N1.15 trillion (N1,147,462,863,321) remained unfunded.
In a related development, the Senate also adopted a motion moved by Senator Abdul Ningi, mandating the Committee on Appropriations to strengthen its oversight function. The committee is expected to ensure that all borrowed funds are utilized efficiently and strictly for their approved purposes within the 2025 fiscal year.
President Tinubu had, in a letter dated November 4, sought the National Assembly’s approval for the borrowing, explaining that the move was necessary to bridge the funding gap and guarantee the full implementation of government programmes and projects under the 2025 fiscal plan.