The Senate has approved President Bola Tinubu’s request to raise N1.15 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 plenary on Wednesday.
The committee noted that the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 trillion over the initial N54.74 trillion proposed by the Executive.
The expansion, according to the committee, created a total budget deficit of N14.10 trillion, of which N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of about N1.15 trillion (N1,147,462,863,321).
On November 4, President Tinubu formally requested the new borrowing of N1.15 trillion.
He explained that the loan would help bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan.
