The Nigerian Senate has approved President Bola Tinubu’s request to raise ₦1.15 trillion from the domestic debt market to finance 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’s report, the 2025 Appropriation Act provides for a total expenditure of ₦59.99 trillion, reflecting an increase of ₦5.25 trillion over the ₦54.74 trillion initially proposed by the Executive.
The expansion, however, created a total budget deficit of ₦14.10 trillion. Out of this, ₦12.95 trillion had already been approved for borrowing, leaving an unfunded balance of about ₦1.15 trillion (₦1,147,462,863,321).
In a related move, the Senate adopted a motion by Senator Abdul Ningi, mandating the Committee on Appropriations to intensify oversight and ensure that the borrowed funds are used strictly for their intended purposes during the 2025 fiscal year.
President Tinubu had earlier, on November 4, written to the National Assembly seeking approval for the fresh borrowing to bridge the funding gap in the 2025 budget.
According to his letter, the proposed domestic borrowing is aimed at ensuring the full implementation of government programs and capital projects under the fiscal plan.