Senate President Godswill Akpabio announcing Senate approval for Nigerian troop deployment to Benin during plenary session.
The Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to fund the remaining shortfall in the 2025 budget deficit.
The decision 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 pegged total government spending at N59.99 trillion, representing an increase of N5.25 trillion over the initial N54.74 trillion proposed by the Executive.
This upward adjustment created a N14.10 trillion budget deficit, of which N12.95 trillion had already been approved for borrowing — leaving an unfunded balance of N1.15 trillion (N1,147,462,863,321).
Tinubu, in a letter dated November 4, 2025, sought the Senate’s approval to source the additional funds domestically to bridge the gap.
“This borrowing will enable the full implementation of critical programmes and projects outlined in the 2025 fiscal plan,” the president stated in his request.
The upper chamber subsequently gave the green light after debating the committee’s report.
In a related resolution, the Senate adopted a motion sponsored by Senator Abdul Ningi, mandating the Committee on Appropriations to intensify oversight on the loan utilisation to ensure transparency and accountability.
“The committee must ensure that borrowed funds are properly applied and strictly used for their intended purposes,” Ningi emphasized.
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