₦airaland Forum

The Senate has approved President Bola Tinubu’s request to raise ₦1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.

The approval followed the adoption of the report presented by the Senate Committee on Local and Foreign Debt during plenary on Wednesday.

According to the committee, the 2025 Appropriation Act provides for a total expenditure of ₦59.99trillion — an increase of ₦5.25 trillion from the ₦54.74trillion initially proposed by the Executive.

The adjustment resulted in a total budget deficit of ₦14.10 trillion. Out of this, ₦12.95 trillion had already been approved for borrowing, leaving an unfunded gap of approximately ₦1.15 trillion (₦1,147,462,863,321).

In a related development, the Senate adopted a motion sponsored by Senator Abdul Ningi, directing the Senate Committee on Appropriations to strengthen its oversight functions to ensure that the borrowed funds are utilised strictly for their intended purposes in the 2025 fiscal year.

President Tinubu had in a letter dated November 4, sought the National Assembly’s approval for the fresh ₦1.15 trillion domestic borrowing to finance the deficit in the 2025 budget.

According to the President’s letter, the borrowing is necessary to bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan.

SaharaReporters previously reported that President Tinubu requested the approval of the Senate for a fresh domestic borrowing of ₦1.15trillion to finance the deficit component of the 2025 national budget.

The President’s request was conveyed in an official letter read during plenary session by the Senate President, Godswill Akpabio.

In the correspondence, Tinubu explained that the proposed loan was necessary to bridge the funding gap in the 2025 fiscal plan and ensure the smooth execution of critical government programmes and projects.

According to the letter, the administration intends to source the loan from the domestic debt market.

After the letter was read, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako (APC, Sokoto North).

The committee was directed to review the proposal and present its report within one week for further legislative consideration.

Imindmybusiness:
Where's our subsidy money? Where are all those billions of revenues reported to have generated by custom, FIRS and NNPCL? Nigeria is a joke

saddler:
After they removed subsidy, they are still borrowing.

Chai! Borrowing to loot.

tnerro1:
The costal highway has swallowed everything

iwaeda:
Are we not meant to ask how these debts will be paid?