Senate Approves ₦1.15 Trillion Loan For President Tinubu To Cover 2025 Budget

The Nigerian Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to cover a shortfall in the 2025 budget.

The approval came on Wednesday after lawmakers adopted the report of the Senate Committee on Local and Foreign Debt during plenary.

The committee noted that the 2025 Appropriation Act set total government spending at ₦59.99 trillion, exceeding the initial executive proposal of ₦54.74 trillion by ₦5.25 trillion. This created a budget deficit of ₦14.10 trillion. With ₦12.95 trillion already approved for borrowing, the new loan will fill the remaining ₦1.15 trillion gap.

Senators also backed a motion by Senator Abdul Ningi, urging the Appropriations Committee to enhance oversight and ensure the borrowed funds are used solely for the projects and programmes outlined in the 2025 fiscal plan.

President Tinubu had written to the National Assembly on November 4, explaining that the funds were needed to bridge the financing gap and support the execution of key government initiatives.