The Nigerian Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.
This approval follows the adoption of a report presented by the Senate Committee on Local and Foreign Debt during a plenary session on Wednesday.
According to the committee, the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 trillion from the N54.74 trillion initially proposed by the Executive.
This adjustment resulted in a total budget deficit of N14.10 trillion, with N12.95 trillion already approved for borrowing, leaving an unfunded gap of approximately N1.15 trillion.
The Senate also adopted a motion sponsored by Senator Abdul Ningi, directing the Senate Committee on Appropriations to strengthen its oversight functions to ensure the borrowed funds are utilized strictly for their intended purposes in the 2025 fiscal year.
President Tinubu had requested the National Assembly’s approval for the fresh N1.15 trillion domestic borrowing to finance the deficit in the 2025 budget, citing the need to bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan.
