By Benjamin Christian
The Senate has granted approval for President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to finance the remaining shortfall in the 2025 budget.
The approval came after lawmakers adopted the report of the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.
According to the committee’s findings, the 2025 Appropriation Act provides for total expenditure of N59.99 trillion — an increase of N5.25 trillion from the N54.74 trillion originally proposed by the Executive. This expansion has resulted in a total budget deficit of N14.10 trillion, with N12.95 trillion already authorised for borrowing, leaving an outstanding deficit of about N1.15 trillion.
President Tinubu had, on November 4, sought the Senate’s approval to raise the additional N1.15 trillion through domestic borrowing to close the gap and ensure the smooth execution of government programmes and projects outlined in the 2025 fiscal plan.
Meanwhile, the Senate also adopted a motion sponsored by Senator Abdul Ningi, mandating the Committee on Appropriations to strengthen oversight mechanisms. The panel is expected to monitor the utilisation of the borrowed funds to guarantee that they are applied strictly for their intended purposes.
