Tinubu Seeks Senate Approval for ₦1.15 Trillion Domestic Loan to Fund 2025 Budget

By Afolabi Nelson

President Bola Ahmed Tinubu has asked the Senate to approve a fresh ₦1.15 trillion borrowing from the domestic debt market to cover the funding gap in the 2025 budget. The request was contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session.

Tinubu explained that the additional borrowing is needed to finance government programmes and projects under the 2025 Fiscal Plan. He noted that the National Assembly had increased the total budget size from ₦49.74 trillion to ₦59.9 trillion, which created a ₦14 trillion deficit. However, only ₦12.95 trillion was approved for borrowing, leaving a shortfall of about ₦1.15 trillion.

The President said the borrowing request is in line with the Fiscal Responsibility Act of 2007, which requires National Assembly approval for all new government loans. He urged lawmakers to raise the domestic borrowing limit to close the budget gap.

After reading the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debt, led by Senator Aliyu Wammako, for review and a report within one week.