Senate approves Tinubu’s request to borrow N1.15trn domestic loan to fill 2025 budget
The Nigerian Senate on Wednesday, approved President Bola Ahmed Tinubu’s request to raise N1.15 trillion from the domestic debt market, covering the unfunded portion of the 2025 budget deficit.
The approval granted, following the adoption of a report by the Senate Committee on Local and Foreign Debt during plenary.
The committee, while noting that the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, an increase of N5.25 trillion over the initial N54.74 trillion proposed by the Executive, added that the expansion created a total budget deficit of N14.10 trillion, of which N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of approximately N1.15 trillion (N1,147,462,863,321).
The president had on November 4, requested the fresh N1.15 trillion borrowing, saying it would bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
In a related development, a motion by Senator Abdul Ningi was adopted, directing the Senate Committee on Appropriations to intensify oversight to ensure that the borrowed funds are properly implemented and used strictly for their intended purposes.
Source: PUNCH
