The Senate has approved President Bola Tinubu’s request to raise ₦1.15 trillion from the domestic debt market to cover the remaining shortfall in the 2025 national budget.
The decision came after lawmakers adopted a report from the Senate Committee on Local and Foreign debt during Wednesday’s plenary session.
According to the committee’s report, the 2025 Appropriation Act now carries a total expenditure of ₦59.99 trillion, an increase of ₦5.25 trillion from the initial ₦54.74 trillion proposal submitted by the Executive.
The adjustment raises the budget deficit to ₦14.10 trillion, of which ₦12.95 trillion had already been approved for borrowing, leaving an unfunded gap of about ₦1.15 trillion.
In a related development, the Senate adopted a motion by Senator Abdul Ningi urging the Appropriations Committee to strengthen oversight and ensure that all borrowed funds are strictly utilized for their intended purposes during the 2025 fiscal year.
President Tinubu, in a letter dated November 4, sought the National Assembly’s consent for the additional borrowing to bridge the funding gap and sustain the execution of key government projects and programmes.
The letter, read by Senate President Godswill Akpabio, confirmed that the funds would be sourced locally from the domestic debt market.
Following the reading, the request was referred to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako (APC, Sokoto North), which was mandated to review and report back within one week. The approval granted at Wednesday’s session marks the completion of that legislative process.
