The Nigerian Senate has given its approval for President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to fund the shortfall in the 2025 budget.
The approval came on Wednesday after lawmakers adopted the report presented by the Senate Committee on Local and Foreign Debt during plenary.
According to the committee, the 2025 Appropriation Act pegged total government spending at ₦59.99 trillion. This figure was higher by ₦5.25 trillion than the initial proposal of ₦54.74 trillion sent by the Executive.
The adjustment left a total deficit of ₦14.10 trillion. Out of this amount, ₦12.95 trillion had already been approved for borrowing, leaving an outstanding ₦1.15 trillion gap that the new loan will now cover.
POLITICS NIGERIA reports that the Senate also adopted a motion sponsored by Senator Abdul Ningi, urging the Appropriations Committee to step up its oversight.
The lawmakers stressed that the borrowed funds must be used strictly for the purposes stated in the 2025 fiscal plan.
President Tinubu had earlier, on November 4, written to the National Assembly seeking approval for the fresh ₦1.15 trillion loan.
In the letter, the President explained that the funds were necessary to bridge the funding gap and ensure smooth execution of key government projects and programmes.