BREAKING: Nigerian Senate approves Tinubu’s N1.15tn loan request

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President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to pay the unfunded portion of the 2025 budget deficit has been approved by the Nigerian Senate.

This follows the Senate Committee on Local and Foreign Debt’s plenary acceptance of a report on Wednesday.

The committee claims that the 2025 Appropriations Act calls for N59.99 trillion in total spending, which is N5.25 trillion more than the N54.74 trillion that the Executive had originally suggested.

The expansion resulted in a N14.10 trillion budget deficit overall. This left an unpaid deficit of almost N1.15 trillion (N1,147,462,863,321), of which N12.95 trillion had previously been approved for borrowing.

In a similar development, Senator Abdul Ningi’s resolution was approved, instructing the Senate Committee on Appropriations to step up its oversight to guarantee that the borrowed monies are appropriately implemented in the 2025 fiscal year and used exclusively for their intended purposes.

Remember that on November 4th, President Tinubu asked the National Assembly for permission to borrow an additional N1.15 trillion from the domestic debt market in order to help pay the 2025 budget deficit.

A letter was used to communicate the President’s request. The letter states that the planned borrowing is meant to close the funding shortfall and guarantee that government projects and programs under the 2025 fiscal plan are fully implemented.

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