The Senate has granted President Bola Tinubu approval to raise ₦1.15 trillion from the domestic debt market to cover the remaining shortfall in the 2025 national budget.
The decision followed the adoption of a report presented by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.
According to the committee’s findings, the 2025 Appropriation Act now reflects a total spending plan of ₦59.99 trillion, representing a ₦5.25 trillion increase from the initial ₦54.74 trillion submitted by the Executive.
This adjustment pushes the budget deficit to ₦14.10 trillion, of which ₦12.95 trillion has already been approved for borrowing leaving an unfunded gap of about ₦1.15 trillion.
In a related move, the Senate also adopted a motion by Senator Abdul Ningi, urging the Appropriations Committee to intensify its oversight to ensure that all borrowed funds are strictly used for their intended purposes throughout 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 implementation of critical government programmes and projects.
The letter, read by Senate President Godswill Akpabio, noted 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, led by Senator Aliyu Wammako (APC, Sokoto North), which was tasked to review and submit its report within one week paving the way for this latest approval.
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