The Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to fund the unfunded portion of the 2025 budget deficit.
The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debt during plenary on Wednesday.
According to the committee’s findings, the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 trillion over the initial N54.74 trillion proposed by the Executive. The budget expansion created a total deficit of N14.10 trillion, of which N12.95 trillion had already been approved for borrowing, leaving an unfunded gap of approximately N1.15 trillion (N1,147,462,863,321).
President Tinubu, in his letter to the Senate dated November 4, explained that the additional borrowing was necessary to bridge the funding gap and ensure the full implementation of government programs and projects under the 2025 fiscal plan.
In a related development, the Senate adopted a motion sponsored by Senator Abdul Ningi, mandating the Senate Committee on Appropriations to intensify oversight on the utilization of the borrowed funds to guarantee that they are used strictly for their intended purposes.
The approval reinforces the government’s commitment to sustaining economic programs and meeting budgetary obligations amid revenue shortfalls.
