The Senate has granted President Bola Tinubu’s approval to take N1.15 trillion loan from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.
The approval was given after the adoption of a report by the Senate Committee on Local and Foreign Debt during plenary on Wednesday.
The committee said the 2025 budget earmarked N59.99 trillion for a total expenditure with an increase of N5.25 trillion over the initial N54.74 trillion proposed by the Executive.
The increase 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).
Tinubu made the request of borrowing fresh N1.15 trillion on November 4, saying it would bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
Senator Abdul Ningi moved the motion which was adopted, ordering the Senate Committee on Appropriations to intensify oversight to ensure that the borrowed funds are properly implemented and used strictly for their intended purposes.
