The Nigerian Senate has given President Bola Tinubu approval to source N1.15 trillion from the domestic debt market to fund the remaining shortfall in the 2025 budget.
The decision followed the adoption of a report presented on Wednesday by the Senate Committee on Local and Foreign Debt.
The committee explained that the 2025 Appropriation Act now stands at N59.99 trillion in total spending—about N5.25 trillion higher than the N54.74 trillion initially submitted by the Executive.
With the adjustment, the budget deficit rose to N14.10 trillion. Out of that, N12.95 trillion has already been cleared for borrowing, leaving a balance of about N1.15 trillion (N1,147,462,863,321) still uncovered.
During the session, lawmakers also adopted a separate motion from Senator Abdul Ningi, mandating the Senate Committee on Appropriations to strengthen oversight and ensure the borrowed funds are properly utilized in 2025 and strictly applied to the projects they are meant for.
It will be recalled that on November 4th, President Tinubu sought approval from the National Assembly for a fresh N1.15 trillion borrowing from the domestic market to finance the budget gap.
The request came through an official letter, stating that the borrowing was needed to bridge the deficit and guarantee full execution of government plans and projects under the 2025 fiscal year.