The Senate has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to finance the remaining shortfall in the 2025 budget.
The decision followed the adoption of a report presented by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.
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. This expansion created a total budget deficit of N14.10 trillion, of which N12.95 trillion had already been approved for borrowing, leaving an unfunded balance of about N1.15 trillion.
President Tinubu, in a letter dated November 4, requested Senate approval for the additional borrowing, explaining that the loan was necessary to bridge the funding gap and ensure smooth execution of government projects under the 2025 fiscal plan.
Meanwhile, the Senate adopted a motion moved by Senator Abdul Ningi, mandating the Committee on Appropriations to strengthen its oversight functions to ensure the borrowed funds are properly utilized for their designated purposes.