The Senate has approved President Bola Tinubu’s request to raise ₦1.15 trillion from the domestic debt market to cover 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 Wednesday’s plenary.
The committee noted that the 2025 Appropriation Act provides for a total expenditure of ₦59.99 trillion, up from ₦54.74 trillion, creating a total deficit of ₦14.10 trillion, of which ₦12.95 trillion had already been approved for borrowing.
Senator Abdul Ningi’s motion was adopted to ensure intensified oversight on the use of the borrowed funds for the proper implementation of government programs in 2025.
President Tinubu’s November 4 request aims to bridge the funding gap and support full execution of the 2025 fiscal plan.
