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.
Im all for development, but borrowing that much? Hope its worth it. Tinubu better have a solid plan.
Wow, borrowing that much money? Hope they have a solid plan to ensure it benefits the people and doesnt lead to more debt.
Shouldnt we be concerned about the long-term implications of borrowing such a hefty amount for the budget gap? It feels risky.
Why should taxpayers bear the burden of Tinubus borrowing plan? Will it truly benefit the average Nigerian? Lets discuss!
Is borrowing N1.15 trillion the best move for the 2025 budget gap? Lets discuss the long-term implications.
Is borrowing N1.15 trillion really the best solution for the 2025 budget gap? Lets discuss the long-term consequences.
Shouldnt we be more concerned about the long-term effects of borrowing such a huge amount? What about future generations?
Why should taxpayers foot the bill for Tinubus borrowing plan? Will it truly benefit the masses or just a select few? Lets discuss.
I dont get why Tinubus borrowing plan is getting Senate support. Will this really benefit the economy in the long run? 🤔