₦airaland Forum

The House of Representatives has approved President Bola Tinubu’s request to borrow ₦1.15tn to finance the 2025 budget deficit arising from the recent increase in the national budget size beyond earlier approved revenue and borrowing projections.

The approval followed the consideration and adoption of the report of the House Committee on Aids, Loans and Debt Management during plenary on Wednesday.

Presenting the report, the Committee Chairman, Abubakar Nalaraba (APC, Nasarawa), urged the House in the Committee of Supply to approve “The sum of ₦1.15tn as a borrowing programme in the domestic debt market to close the unfunded deficit gap created by the increase in the budget size, over and above the prior approved revenue and borrowing plans.”

Tinubu had earlier made the request in a letter addressed to the Speaker of the House, Tajudeen Abbas, and read on the floor last week by Deputy Speaker Benjamin Kalu, who presided in the Speaker’s absence.

The president, in the letter, explained that the additional borrowing was necessary to balance the 2025 budget in line with the Fiscal Responsibility Act (FRA), 2007.

“I write to kindly request the approval of the National Assembly to establish a ₦1.15tn borrowing programme in the domestic debt market to close the unfunded deficit gap created by the increase in the budget size,” Tinubu stated.

He noted that the National Assembly had passed a ₦59.99tn budget, an upward review of ₦5.25tn from the ₦54.74tn proposal initially submitted by the executive, thereby widening the deficit to ₦14.10tn.

“However, the borrowing provision approved in the budget was ₦12.95tn, leaving an unfunded deficit of ₦1,147,462,863,321.39. It is, therefore, necessary to increase the domestic borrowing limit in the 2025 budget by this amount to close the gap,” the letter added.

Citing Sections 44(1) and (2) of the Fiscal Responsibility Act, 2007, President Tinubu stressed that all new borrowings by the Federal Government require the approval of the National Assembly.

Following deliberations, the House granted the request, paving the way for the Federal Government to raise the additional ₦1.15tn from the domestic debt market.

The PUNCH had exclusively reported on Wednesday that lawmakers failed to consider a single item on Tuesday’s Order Paper, expressing displeasure over the poor implementation of the capital components of the 2025 budget.

As a result, no plenary was held on Tuesday.

Source: https://punchng.com/budget-deficit-reps-approve-tinubus-%e2%82%a61-15tn-loan-request

I thought they said they had met their revenue target and that there would be no need to borrow any more money. Besides, what exact are they doing with all the monies borrowed? Loot and reloot of course!

This seems to be the worst Senate in the history of Nigeria. We thought Sen Lawan's senate was bad but this Akpabio's senate is worse.

Lol....of course......funny country

I don tire for this country...loan upon loan nothing to show for it.



Genius J

Already approved by the national assembly.
Any other debate on it does not disapprove what has been approved.

Hope it will be spent prudently.

With subsidy GEJ was borrowing to pay salary, borrowing to laugh, borrowing to poo blabla. Now subsidy has be phased out, yet the bambiala borrowing is even getting worst. Nigeria I hail thee.

Let's borrow till thy kingdom come

Lincton:
Already approved by the national assembly.
Any other debate on it does not disapprove what has been approved.

Hope it will be spent prudently.

grow up man.
You’re getting too old for this classless talk

Omooooooo!!!!!!!!!!!!!!!!......where do we go from here?

Goodluck’s entire budget was 4Trillon plus for perspective

Which one be deficit after removing subsidy...?.
Whats the essence of subsidy removal

What happened to the trillions nnpcl was asked to remit ?? Why not wait for that ?

Just two months to say bye bye to 2025 and they are still borrowing. How much will they now borrow to finance 2026 knowing that much is expected to mobilize INEC for the election.

The money is never enough. Once you taste it you can't go back. I am afraid these political class are not thinking of quitting borrowing any time soon

This man wants to wreck naija

He for kukuma leave subsidy. Abi was life not better?

Now you have removed it, we should have more money na! Is this how Lagos people do economics?

Without subsidy we are borrowing more
With subsidy we were borrowing less

You could not manage inflation now the Naira is worthless because of lagos policies and economics

Oga please bring back our subsidy

To think this thing is actually the best hand from a certain region!

What a mess of a man!

Isn't this a surprise that USD is still at 1460.
It is rigged

You have 1.3 trillion debt service every three months what is the essence of borrowing this money

What is the essence of removing subsidy! Only in Africans government borrowed money 💰 but nothing to showed after their tenure. The same money europe will borrow you will see the used. Yeye africa 🌍 continent.

Tinubu is a scam and 10 times worse than Buhari and 1000 times worse than GEJ

If they explain Nigeria to you and you understand it means they didn't explain her leader/dealers well.

You're part of the problem if you plan to vote Tinubu in 2027

This government and gbese are like figure five & six.

Loan president , nothing but loan and insecurity

Money man (tax master) on the beat.

It will never be well with APC and its agents

One staunch Tinubu and ApC supporter that always goes around collecting PVCs from market women and giving them peanuts to use their voter's card for votes, came to buy beans 200# from my aunt yesterday and was lamenting that it was too small. At the same time there was a little boy child eating that same amount of beans seated right next to him.

Since his complaints was getting too much and irritating to me, I countered, were you expecting beans of 200# to satisfy you? h
How much was a cup of beans when GEJ was still in office and how much is it now? Back then 500# would get you beans and bread with change sufficient enough to buy food another time. I asked him how much was spaghetti when buhari and GEJ were in office ..

how much is sardines now? Do you know the last time I bought one? I told him to quit complaining that he was among those who brought this plague upon us. And I was more than happy to see that it's also affecting him. His name is brother Latti. One of the most ignorant persons I've ever come across. I told him when 2027 comes they should go ahead and vote Tinubu in again.

I almost laid curses on him. This same person cannot even afford to buy broom to sweep his almost empty shop. He has to come borrow from my aunt. He thought because they were neighbours she would pack beans for him. I'm not mocking him, but since I know this guy, he's shop is never filled with goods. When they share bags of rice to APC miscreants he's always collecting and never shares with my aunt but was expecting her to fill his plate with 200# beans. God have mercy. I spit on some people of a certain tribe.

Imagine him opening his smelly mouth saying he blames himself for buying beans 200#. I felt like slapping the man there and then. A fifty plus year old that refuses to have sense in his lifetime. I also told him the little boy seated close to him bought beans of 200#. He should stop making a fool of himself. Nigeria is such a sad case.

Funny enough, this same man would still campaign for tinubu come 2027. I can bet my life. A fool at forty is a fool forever. This one is a fool at fifty.

Tenrack:
Imagine him opening his smelly mouth saying he blames himself for buying beans 200#. I felt like slapping the man there and then. A fifty plus year old that refuses to have sense in his lifetime. I also told him the little boy seated close to him bought beans of 200#. He should stop making a fool of himself. Nigeria is such a sad case.

Funny enough, this same man would still campaign for tinubu come 2027. I can bet my life. A fool at forty is a fool forever. This one is a fool at fifty.

It's an ideology, to such people achieving tribal supremacy is more important than having good leadership and a good economy, I won't lie to you, Yorubas made me give up on the unity of Nigeria, take a look at it, is this how we are going to be running a country and expect it to grow the way it should, we are talking about possibly millions of people from that man's region who also reason like him then you combine that with the Islamic north who are doing theirs with Islam, the result is the Nigeria you have today since 2015...

And looking at it, they are not ready to start making changes, they are even intensifying their efforts on it( tribal and religious supremacy)

Where are the projects that all these loans are going towards?

Brendaniel:
It's an ideology, to such people achieving tribal supremacy is more important than having good leadership and a good economy, I won't lie to you, Yorubas made me give up on the unity of Nigeria, take a look at it, is this how we are going to be running a country and expect it to grow the way it should, we are talking about possibly millions of people from that man's region who also reason like him then you combine that with the Islamic north who are doing theirs with Islam, the result is the Nigeria you have today since 2015...

And looking at it, they are not ready to start making changes, they are even intensifying their efforts on it( tribal and religious supremacy)

bro I'm super tired of all these nonsense. I'm tired. Worst is, they don't want to have a sober reflection. Where are we headed when we continue in that direction?

Lies and propaganda will take you 100 feet high but will need more lies and propaganda to keep it there.




Just one blow of truth..... yakataaa