The Nigerian Senate has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to finance the outstanding deficit in the 2025 national budget.
CLICK THE LINK TO READ FULL LIST
- Advertisement -
The approval was granted during Wednesday’s plenary after lawmakers adopted the report presented by the Senate Committee on Local and Foreign Debt. The committee explained that the 2025 Appropriation Act includes a total expenditure of N59.99 trillion, which is N5.25 trillion higher than the N54.74 trillion originally proposed by the Executive.
Sponsored Ads
This adjustment created a total budget shortfall of N14.10 trillion. Out of this amount, N12.95 trillion had already been approved for borrowing, leaving an unfunded balance of about N1.15 trillion.
Related News
- Advertisement -
The Senate also passed a motion mandating the Committee on Appropriations to closely monitor the use of the borrowed funds. The committee is expected to ensure that the money is properly applied to government projects and programs in line with the 2025 fiscal plan.
President Tinubu had earlier, on November 4, written to the National Assembly seeking approval for the borrowing. The funds, according to the request, are intended to cover the financing gap in the national budget and support the full execution of government projects in the coming year.
The new loan is part of the administration’s broader plan to stabilize fiscal operations and sustain key development programs within the 2025 financial framework.
Comments are closed.