The Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to help finance part of the ₦14.10 trillion deficit in the 2025 national budget.
The approval followed the adoption of the report by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary.
According to the committee, the 2025 Appropriation Act provides for a total expenditure of ₦59.99 trillion, representing an upward review of ₦5.25 trillion from the initial ₦54.74 trillion presented by the Executive earlier.
The committee noted that ₦12.95 trillion had already been approved for borrowing, leaving an outstanding funding gap of ₦1.15 trillion, which the new domestic loan is designed to cover.
The move, lawmakers said, will enable the Federal Government to meet key fiscal obligations and sustain implementation of the 2025 budget.
