The Nigerian Senate on Wednesday greenlit President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to finance the deficit in the 2025 budget. This approval came after the Senate Committee on Local and Foreign Debts, led by Vice Chairman Sen. Manu Haruna, presented a detailed report outlining the need for the additional borrowing.
The 2025 Appropriation Act sets total expenditure at N59.99 trillion, up N5.25 trillion from the initial N54.74 trillion proposed, creating a budget deficit of N14.10 trillion. With N12.95 trillion already approved for borrowing, the fresh N1.15 trillion loan will close the unfunded gap.
Senators urged rigorous oversight, with Sen. Abdul Ningi calling for the Appropriations Committee to monitor the borrowing’s implementation, ensure compliance, and provide regular progress reports. Sen. Adeola Solomon praised the committee’s work as transparent and comprehensive.
The loan is expected to ensure continuous funding of government projects and full execution of the 2025 fiscal plan, with strict adherence to fiscal responsibility.
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