The National Assembly has approved President Bola Tinubu’s request to borrow ₦1.15 trillion to cover the 2025 budget deficit.
Tinubu, in a letter dated November 4, explained that the shortfall arose after lawmakers raised the 2025 budget from ₦54.74 trillion to ₦59.9 trillion, creating a ₦14 trillion gap. He sought to increase domestic borrowing by ₦1.147 trillion to close part of the deficit.
Presenting the report, Senator Haruna Manu (Taraba Central) said the finance ministry and Debt Management Office (DMO) must ensure the loan remains within fiscal limits and is used transparently. The Senate also directed the committees on Debts and Appropriations to monitor utilisation and demand quarterly reports from the DMO.
Supporters, including Senators Abdul Ningi and Adeola Solomon, said the borrowing was necessary to sustain government operations amid revenue shortfalls.
The approval comes as Nigeria’s total debt surpasses ₦97 trillion, prompting concerns about sustainability. Officials, however, insist the borrowing is essential to fund infrastructure and maintain investor confidence.
In October, the National Assembly also cleared Tinubu’s request to borrow $2.35 billion and issue a $500 million sukuk bond for key projects.
