The Nigerian Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to cover the remaining shortfall in the 2025 budget.
The approval followed the adoption of the report from the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.
According to the committee, the 2025 Appropriation Act sets total government expenditure at ₦59.99 trillion, exceeding the initial executive proposal of ₦54.74 trillion by ₦5.25 trillion. This created a total budget deficit of ₦14.10 trillion. With ₦12.95 trillion already sanctioned for borrowing, the new loan will address the outstanding ₦1.15 trillion gap.
The Senate also adopted a motion by Senator Abdul Ningi urging the Appropriations Committee to intensify oversight, stressing that the borrowed funds must be used exclusively for the projects and programmes outlined in the 2025 fiscal plan.
President Tinubu had written to the National Assembly on November 4, explaining that the fresh loan was necessary to bridge the funding gap and ensure the smooth implementation of key government initiatives.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.