President Bola Tinubu has written to the House of Representatives seeking approval for a ₦1.15 trillion domestic borrowing plan to fund Nigeria’s 2025 budget deficit.

The request was contained in a letter addressed to Speaker Tajudeen Abbas and read during Wednesday’s plenary session by the Deputy Speaker, Rt. Hon. Benjamin Okezie, who presided over proceedings.

According to the President, the additional borrowing became necessary to bridge an unfunded gap of ₦1.15 trillion created after the National Assembly increased the total budget size from ₦54.74 trillion to ₦59.99 trillion — a difference of ₦5.25 trillion.

Tinubu explained that while the approved borrowing plan in the 2025 budget already stood at ₦12.95 trillion, the adjustment by lawmakers raised the overall deficit to ₦14.10 trillion, necessitating the new loan request.

“In view of the foregoing, it is necessary to increase the domestic borrowing limit in the 2025 budget by ₦1,147,462,863,321.39 to close this gap,” the President stated in the letter.

The request was made in accordance with Section 44 (1–2) of the Fiscal Responsibility Act, 2007, which empowers the federal government to borrow to finance fiscal shortfalls, provided such borrowing remains within approved limits and is used for capital expenditure or human development.

Tinubu assured lawmakers of his “highest consideration and personal regards,” while expressing confidence in the House’s prompt approval of the borrowing plan.

The Speaker referred the letter to the Committee on Aids, Loans, and Budget Management for further legislative action.