Senate greenlights ₦1.15 trillion domestic loan to bridge 2025 budget
The Nigerian Senate has approved President Bola Tinubu’s request to raise ₦1.15 trillion from the domestic debt market to cover the remaining deficit in the 2025 budget.
The approval came after the Senate Committee on Local and Foreign Debt presented its report during Wednesday’s plenary session. The committee highlighted that the 2025 Appropriation Act sets total expenditure at ₦59.99 trillion—an increase of ₦5.25 trillion over the original ₦54.74 trillion proposed by the Executive.
This increase created a total budget deficit of ₦14.10 trillion. While ₦12.95 trillion had previously been approved for borrowing, about ₦1.15 trillion remained unfunded.
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In a related move, Senator Abdul Ningi’s motion was adopted, instructing the Senate Committee on Appropriations to strengthen oversight efforts, ensuring that all borrowed funds are transparently managed and strictly used for their intended purposes during the 2025 fiscal year.
President Tinubu had formally submitted the borrowing request on November 4th, emphasizing the need to close the funding gap and guarantee the full execution of government projects and programs for 2025.
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