The Nigerian Senate has given the green light to President Bola Tinubu’s request to borrow N1.15 trillion from within the country to help fill the gap in the 2025 budget.
This decision came after the Senate Committee on Local and Foreign Debt presented its findings during Wednesday’s session. The committee explained that the 2025 budget now stands at N59.99 trillion, which is N5.25 trillion more than what the Executive originally proposed. That increase pushed the budget deficit to N14.10 trillion. So far, N12.95 trillion has already been approved for borrowing, leaving a shortfall of N1.15 trillion.
To make sure the borrowed money is used properly, the Senate also passed a motion from Senator Abdul Ningi. It calls on the Appropriations Committee to closely monitor how the funds are spent during the 2025 fiscal year.
President Tinubu had sent a letter dated November 4 to the National Assembly asking for permission to raise the N1.15 trillion through domestic borrowing. In the letter, he said the funds are needed to fully carry out government plans and projects for the year.
Senate President Godswill Akpabio read the letter during the plenary and passed it on to the Senate Committee on Local and Foreign Debt, led by Senator Aliyu Wammako from Sokoto North. The committee was asked to review the request and report back within a week.
With this approval, the government now has the go-ahead to seek the funds it needs to keep its 2025 plans on track.
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