The Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to fund the deficit in the 2025 national budget.
Naijaonpoint reports that the approval was granted on Wednesday following the consideration and adoption of the report presented by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (APC, Sokoto North).
The report, which was presented on behalf of the committee by its Vice Chairman, Senator Haruna Manu (PDP, Taraba Central), sought the chamber’s endorsement of the proposed borrowing to bridge the funding gap in the 2025 fiscal year.
Presenting the report, Senator Manu said, “That the Senate do receive and consider the Report of the Committee on Local and Foreign Debts for the approval of the Borrowing Programme to Fund the 2025 Budget Deficit.”
The approval followed a motion adopted after extensive consideration by the lawmakers, who agreed that the proposed borrowing was necessary to support the implementation of key government programmes and projects.
President Tinubu’s borrowing request had earlier been read on the floor of the Senate on November 4, 2025, by the Senate President, Godswill Akpabio.
In the letter, Tinubu explained that the ₦1.15 trillion facility would be sourced from the domestic debt market to close the budget deficit and sustain government operations under the 2025 fiscal plan.
“The proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan,” the President wrote in the letter.
Following the reading, Akpabio referred the request to the Senate Committee on Local and Foreign Debts, chaired by Wamakko, directing the panel to review and report back within one week for further legislative action.
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