The Nigerian Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit.

The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary session.

According to the committee’s report, the 2025 Appropriation Act provides for a total expenditure of ₦59.99 trillion, reflecting an increase of ₦5.25 trillion over the initial ₦54.74 trillion proposed by the executive.

This expansion created a budget deficit of ₦14.10 trillion, out of which ₦12.95 trillion had already been approved for borrowing. The newly approved ₦1.15 trillion loan is meant to cover the remaining gap, bringing total borrowing for the year to the full deficit amount.

In a related motion moved by Senator Abdul Ningi, the Senate directed the Committee on Appropriations to intensify oversight to ensure that the borrowed funds are used strictly for their intended purposes in the 2025 fiscal year.

President Tinubu had earlier, on November 4, written to the National Assembly, seeking approval for the new borrowing plan. In his letter, the President explained that the move was necessary to bridge funding gaps and guarantee full implementation of government programmes and projects captured in the 2025 budget.