The Senate has approved President Bola Tinubu’s proposal to raise ₦1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit.
The approval came after the Senate adopted the report of its Committee on Local and Foreign Debt during Wednesday’s plenary session.
According to the committee, the 2025 Appropriation Act provides for total spending of ₦59.99 trillion—an increase of ₦5.25 trillion from the ₦54.74 trillion initially proposed by the Executive.
This adjustment resulted in a total budget deficit of ₦14.10 trillion. Out of this amount, ₦12.95 trillion had already been approved for borrowing, leaving an outstanding shortfall of approximately ₦1.15 trillion (₦1,147,462,863,321).
In addition, the Senate adopted a motion sponsored by Senator Abdul Ningi, directing the Committee on Appropriations to strengthen its oversight functions to ensure that the borrowed funds are utilized effectively and solely for their intended purposes in the 2025 fiscal year.
President Tinubu had earlier, on November 4, written to the National Assembly seeking authorization to borrow ₦1.15 trillion from the domestic debt market to help close the funding gap in the 2025 budget.
The President explained in his letter that the borrowing is necessary to bridge the fiscal deficit and guarantee the full implementation of government programs and projects under the 2025 financial plan.
