The Senate has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to cover the remaining deficit in the 2025 national budget.
The approval came after lawmakers adopted the report of the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session in Abuja.
Presenting the report, the committee explained that the 2025 Appropriation Act set total spending at N59.99 trillion, which is N5.25 trillion higher than the initial proposal of N54.74 trillion submitted by the Executive.
This increase created a total deficit of N14.10 trillion. Out of this amount, N12.95 trillion had already been approved for borrowing, leaving a balance of N1.15 trillion still unfunded.
Chairman of the committee said, “The additional N1.15 trillion will be raised locally to ensure that the 2025 budget is fully implemented without hindrance to ongoing projects.”
During the session, Senator Abdul Ningi moved a motion calling for strict monitoring of how the borrowed funds are spent. He said, “We must make sure every borrowed naira is used for the purpose it was meant for. Oversight should be strong and continuous.”
The Senate adopted his motion, directing the Committee on Appropriations to step up its supervision during the 2025 fiscal year to ensure accountability in spending.
President Tinubu had earlier, in a letter dated November 4, asked the National Assembly to approve the borrowing plan. In the letter, he explained that the funds would help bridge the gap in the budget and ensure that government programs and projects for 2025 are fully executed.
He wrote, “This borrowing is necessary to support the effective implementation of the 2025 fiscal plan and to maintain economic stability while meeting development goals.”
