• Approval follows adoption of Senate Committee on Local and Foreign Debt report
• Funds aimed at bridging unfunded portion of N59.99 trillion 2025 budget
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• Oversight motion adopted to ensure proper use of borrowed funds
The Nigerian Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit.
The approval came after the Senate Committee on Local and Foreign Debt submitted its report during plenary on Wednesday.
The committee noted that the 2025 Appropriation Act provides for total expenditure of N59.99 trillion, up from the initially proposed N54.74 trillion, creating a budget deficit of N14.10 trillion. With N12.95 trillion previously approved for borrowing, the remaining unfunded gap amounts to N1.15 trillion (N1,147,462,863,321).
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President Tinubu formally requested the fresh borrowing on November 4, stating it would bridge the funding gap and ensure the full implementation of government programs and projects under the 2025 fiscal plan.
Additionally, a motion by Senator Abdul Ningi was adopted, directing the Senate Committee on Appropriations to intensify oversight to ensure that the borrowed funds are used strictly for their intended purposes.
