BREAKING: Nigerian Senate Approves President Tinubu’s N1.15 Trillion Domestic Loan Request

The Nigerian Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to cover 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, the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, an increase of N5.25 trillion over the N54.74 trillion initially proposed by the Executive. This expansion resulted in a total budget deficit of N14.10 trillion, of which N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of approximately N1.15 trillion (N1,147,462,863,321).

In a related development, a motion by Senator Abdul Ningi was adopted, directing the Senate Committee on Appropriations to strengthen oversight and ensure that the borrowed funds are properly implemented and used strictly for their intended purposes during the 2025 fiscal year.

President Tinubu had requested the approval of the National Assembly on November 4, emphasizing that the proposed borrowing is aimed at bridging the funding gap and ensuring the full execution of government programs and projects outlined in the 2025 budget.