BREAKING: Nigerian Senate approves Tinubu’s N1.15tn loan request
The Nigerian Senate has approved the request of President Bola Tinubu to raise N1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.
The expansion created a total budget deficit of N14.10 trillion. Of this, N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of approximately N1.15 trillion (N1,147,462,863,321).
In a related development, a motion by Senator Abdul Ningi was adopted, directing the Senate Committee on Appropriations to intensify its oversight to ensure that the borrowed funds are properly implemented in the 2025 fiscal year and used strictly for their intended purposes.
Recall that President Tinubu had on November 4th requested the approval of the National Assembly for a fresh N1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.
The President’s request was conveyed in a letter. According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
