The Senate has approved President Bola Tinubu’s request to raise ₦1.15 trillion from the domestic debt market to finance 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 report, the 2025 Appropriation Act provides for a total expenditure of ₦59.99 trillion, representing an increase of ₦5.25 trillion over the ₦54.74 trillion initially proposed by the Executive.
The expansion created a total budget deficit of ₦14.10 trillion. Of this amount, ₦12.95 trillion had already been approved for borrowing, leaving an unfunded gap of about ₦1.15 trillion (₦1,147,462,863,321).
In a related motion moved by Senator Abdul Ningi (PDP, Bauchi Central), the Senate directed the Committee on Appropriations to strengthen its oversight functions to ensure that the borrowed funds are properly utilized and channeled strictly toward the intended projects in the 2025 fiscal year.
President Tinubu had, in a letter dated November 4, sought the National Assembly’s approval to raise the additional ₦1.15 trillion from the domestic market to help bridge the funding gap and ensure the full implementation of government programmes and projects under the 2025 budget.
The President explained that the borrowing would form part of the government’s broader fiscal strategy to manage the deficit while sustaining key investments in infrastructure, social welfare, and economic growth.
