The Senate has approved President Bola Tinubu’s request to raise ₦1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.
The approval followed the adoption of a report presented on Wednesday by the Senate Committee on Local and Foreign Debt during plenary.
According to the committee’s findings, the 2025 Appropriation Act provides for a total expenditure of ₦59.99 trillion, representing an increase of ₦5.25 trillion over the ₦54.74 trillion initially proposed by the Executive.
This adjustment, the report noted, created a total budget deficit of ₦14.10 trillion. Of this amount, ₦12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of ₦1.15 trillion (₦1,147,462,863,321).
President Tinubu had, in a letter dated November 4, 2025, sought the approval of the National Assembly for a fresh domestic borrowing to help bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan.
In a related development, the Senate also adopted a motion sponsored by Senator Abdul Ningi, directing the Senate Committee on Appropriations to strengthen its oversight mechanisms to ensure that the borrowed funds are appropriately utilised in the 2025 fiscal year and applied strictly for their approved purposes.
The approval brings the total borrowing component of the 2025 budget to nearly ₦14.1 trillion, reinforcing the government’s reliance on the domestic debt market to fund key developmental projects amid revenue shortfalls.
