The Senate has approved President Bola Tinubu’s request to secure N1.15 trillion from the domestic debt market to cover the remaining 2025 budget deficit.
The decision came after lawmakers adopted the report presented by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.
According to the committee, the 2025 Appropriation Act sets total spending at N59.99 trillion, marking an increase of N5.25 trillion compared to the N54.74 trillion originally proposed by the Executive.
This adjustment created a total deficit of N14.10 trillion, out of which N12.95 trillion had already been approved for borrowing, leaving a balance of N1.15 trillion still unfunded.
Following the approval, Senator Abdul Ningi moved a motion directing the Senate Committee on Appropriations to step up oversight and ensure that the new loan is utilized effectively and strictly for its intended projects under the 2025 fiscal plan.
KanyiDaily recalls that President Tinubu’s request, submitted to the National Assembly on November 4, explained that the additional borrowing was necessary to close the funding gap and guarantee the smooth execution of key government programs and projects in the coming year.
