President Bola Tinubu’s request to collect N1.15 trillion from the domestic debt market to make up the unfunded portion of the 2025 budget deficit has been approved by the Senate.
The Senate Committee on Local and Foreign Debt’s report was approved during a plenary session on Wednesday.
The committee pointed out that the 2025 Appropriations Act calls for a total spending of N59.99 trillion, which is N5.25 trillion more than the Executive’s original N54.74 trillion proposal.
A total budget deficit of N14.10 trillion resulted from this expansion, of which N12.95 trillion had already been approved for borrowing, leaving an unpaid debt of almost N1.15 trillion (N1,147,462,863,321).
Tinubu publicly requested the new N1.15 trillion borrowing on November 4.
According to him, it would ensure that government projects and programs under the 2025 fiscal plan are fully implemented and close the funding deficit.
In a related development, Senator Abdul Ningi’s resolution was approved, instructing the Senate Committee on Appropriations to increase oversight to guarantee that the borrowed monies are appropriately implemented and used exclusively for their intended purposes.
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