President Bola Tinubu has requested the National Assembly’s approval for a fresh ₦1.15 trillion domestic loan to bridge the deficit in the 2025 national budget.
The request, contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, is part of measures to sustain key government programmes and projects.
Tinubu explained that the loan would ensure smooth implementation of the 2025 budget and compliance with the Fiscal Responsibility Act 2007 and relevant executive orders requiring legislative approval for new borrowings.
The Senate referred the proposal to the Committee on Local and Foreign Debt, which has one week to submit its report.
The latest borrowing plan comes just days after the Senate approved Tinubu’s request for a $2.847 billion external loan, including a $500 million debut Sovereign Sukuk, aimed at funding the budget deficit and refinancing maturing Eurobonds.
Earlier in May, Tinubu sought approval for a $21.5 billion external loan for infrastructure, health, education, and water projects, as well as a ₦758 billion domestic bond to clear outstanding pension arrears under the Contributory Pension Scheme.
According to the Debt Management Office, Nigeria’s total public debt rose to ₦152.40 trillion as of June 2025, up from ₦149.39 trillion in March, an increase of ₦3.01 trillion within three months. In dollar terms, the debt stands at $99.66 billion, underscoring the country’s growing reliance on borrowing to fund fiscal shortfalls amid ongoing revenue reforms and foreign exchange liberalisation.
