Senate Approves Tinubu’s N1.15 Trillion Domestic Loan to Fund 2025 Budget

The Senate has given its approval for President Bola Tinubu’s plan to secure N1.15 trillion from the domestic debt market to address the unfunded portion of the 2025 budget deficit. The decision came after the adoption of a report presented by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.

According to the committee, the 2025 Appropriation Act sets total government spending at N59.99 trillion, reflecting a rise of N5.25 trillion from the N54.74 trillion initially proposed by the Executive. This adjustment resulted in a total budget deficit of N14.10 trillion. Of that figure, N12.95 trillion had already been approved for borrowing, leaving a balance of roughly N1.15 trillion to be financed through the new domestic loan.

The Senate also adopted a motion by Senator Abdul Ningi, mandating the Committee on Appropriations to strengthen oversight and ensure that the borrowed funds are utilized appropriately within the 2025 fiscal year. The committee is expected to monitor that the funds are directed solely toward their approved projects and programs.

President Tinubu’s borrowing request, initially submitted to the National Assembly on November 4, outlined the need for the additional N1.15 trillion to close the funding gap and guarantee the full execution of the government’s 2025 fiscal agenda.