The Nigerian Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit.
The approval came after the Senate adopted a report from the Committee on Local and Foreign Debt during Wednesday's plenary session. The report highlighted that the 2025 Appropriation Act sets total expenditure at nearly N60 trillion, an increase of N5.25 trillion over the initially proposed N54.74 trillion.
This budget expansion resulted in a deficit of N14.10 trillion. Of this, N12.95 trillion has already been approved for borrowing, leaving an unfunded gap of approximately N1.15 trillion, which the Senate has now authorized to be raised domestically.
In another move, the Senate adopted a motion by Senator Abdul Ningi, mandating the Committee on Appropriations to intensify oversight over the implementation of borrowed funds. The committee is tasked to ensure that the money is used effectively within the 2025 fiscal year and strictly for the intended purposes.
This decisive legislative action underscores the Senate’s commitment to fiscal responsibility and transparency as Nigeria navigates its 2025 budgetary challenges. .
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