The Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to fund the outstanding portion of the 2025 budget deficit.
The approval followed the adoption of the report of the Senate Committee on Local and Foreign Debt during Wednesday’s plenary.
According to the committee, the 2025 Appropriation Act provides for a total expenditure of ₦59.99 trillion — an increase of ₦5.25 trillion over the ₦54.74 trillion earlier proposed by the Executive.
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The expansion, it added, created a total deficit of ₦14.10 trillion, out of which ₦12.95 trillion had already been approved for borrowing, leaving an unfunded gap of about ₦1.15 trillion (₦1,147,462,863,321).
On November 4, Tinubu formally requested the fresh N1.15 trillion borrowing.
He stated that it would bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
In a related development, a motion by Senator Abdul Ningi was adopted, directing the Senate Committee on Appropriations to intensify oversight to ensure that the borrowed funds are properly implemented and used strictly for their intended purposes.
