National Assembly has approved President Bola Ahmed Tinubu’s request to raise ₦1.15 trillion through domestic borrowing to finance the 2025 budget deficit.
Gatekeepers News reports that the approval was given during Wednesday’s joint plenary sessions of both the Senate and the House of Representatives, following a formal request submitted by the president earlier this month.
Tinubu, in a letter addressed to Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, explained that the additional borrowing became necessary after lawmakers expanded the 2025 appropriation from the ₦54.74 trillion originally proposed by the executive to ₦59.9 trillion, creating a deficit of about ₦14 trillion.
He wrote, “It is therefore necessary to increase the domestic borrowing limit in the 2025 budget by ₦1.147 trillion to close this gap.”
Presenting the committee’s findings, Senator Haruna Manu, Deputy Chairman of the Committee on Local and Foreign Debts, recommended that the Federal Ministry of Finance and the Debt Management Office (DMO) manage the borrowing strictly within fiscal guidelines to ensure that the terms remain favourable, transparent, and sustainable.
The Senate further directed the debt committee to monitor implementation and utilisation of the borrowed funds, while the Ministry of Finance and DMO were mandated to submit quarterly reports detailing expenditure, debt sustainability, and repayment plans.
Senator Abdul Ningi of Bauchi Central also proposed that the Appropriation Committee ensure the loan is applied strictly for approved purposes.
Backing the motion, Senator Adeola Solomon (Ogun West) said the measure was essential to maintain government operations given the shortfalls in the 2025 budget.
He said, “We have shortfalls from the 2025 budget, and we need borrowings. This will be sourced locally, and I call on my colleagues to support this bill in its entirety.”
Deputy Senate President Barau Jibrin praised the debt committee for its swift and comprehensive review, calling its report precise and well-delivered.
