The Senate has granted approval for President Bola Tinubu’s request to borrow an additional N1.15 trillion from the domestic debt market, aimed at financing the 2025 budget deficit.
This decision came on Wednesday following the presentation and deliberation of the Report of the Committee on Local and Foreign Debts Borrowing Programme to Fund the 2025 Budget Deficit, chaired by Senator Aliyu Wamako (APC, Sokoto North).
The report was formally presented by the committee’s Vice Chairman, Senator Haruna Manu (PDP, Taraba Central), who stated, “That the Senate do Receive and Consider the Report of the Committee on Local and Foreign Debts for the approval of the Borrowing Programme to Fund the 2025 Budget Deficit.”
President Tinubu’s request for the fresh ₦1.15 trillion borrowing was first read during Senate plenary on November 4 by the Senate President, Senator Godswill Akpabio.
According to the letter, the proposed funds are meant to bridge the financing gap and ensure the full implementation of government programmes and projects outlined in the 2025 fiscal plan.
Following the reading, Akpabio referred the request to Senator Aliyu Wammako and the Senate Committee on Local and Foreign Debt, directing them to report back within a week to facilitate further legislative action.
