Photo caption: A cross section of the Senate in session. Photo: Nigerian Senate
The 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.
The committee noted that the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, an increase of N5.25 trillion over the initial N54.74 trillion proposed by the Executive.
This expansion created 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).
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.
