The Nigerian Senate has approved President Bola Ahmed Tinubu’s request to raise ₦1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit.
The approval followed the adoption of a report presented by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.
According to the committee’s report, the 2025 Appropriation Act provides for a total expenditure of ₦59.99 trillion — an increase of ₦5.25 trillion over the ₦54.74 trillion initially proposed by the Executive. This expansion resulted in a total budget deficit of ₦14.10 trillion.
Out of this amount, ₦12.95 trillion had already been approved for borrowing, leaving an unfunded gap of about ₦1.15 trillion (₦1,147,462,863,321), which the new domestic borrowing is expected to cover.
In a related move, the Senate also adopted a motion sponsored by Senator Abdul Ningi, mandating the Committee on Appropriations to intensify oversight and ensure that the borrowed funds are utilized strictly for their intended purposes in the 2025 fiscal year.
President Tinubu had, in a letter dated November 4, 2025, sought the National Assembly’s approval for the fresh borrowing to bridge the funding gap and ensure the full implementation of government programs and projects under the 2025 fiscal plan.
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