Senate Okays Tinubu’s ₦1.15tr Loan Request 

The Senate on Wednesday approved President Bola Tinubu’s request to obtain an additional ₦1.15 trillion loan from the domestic debt market, a move that pushes Nigeria’s 2025 budget deficit to a record ₦14.1 trillion.

The approval followed the consideration and adoption of the report presented on Wednesday by the Senate Committee on Local and Foreign Debt.

According to the committee’s findings, Nigeria’s 2025 Appropriation Act now stands at ₦59.99 trillion, reflecting a ₦5.25 trillion increase from the initial ₦54.74 trillion proposed by the Executive. The revision pushes the nation’s total budget deficit to ₦14.10 trillion, of which ₦12.95 trillion has already been approved for borrowing, leaving an unfunded shortfall of ₦1.15 trillion.

In his communication to the National Assembly dated November 4, President Tinubu requested the legislature’s consent for the additional borrowing, explaining that the funds would be sourced locally to “bridge the financing gap and sustain the implementation of critical government programmes and projects.”

The letter, read by Senate President Godswill Akpabio, was subsequently referred to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako (APC, Sokoto North), which was mandated to review and present its report within one week a process that culminated in Wednesday’s approval.

Meanwhile, the Senate also adopted a motion sponsored by Senator Abdul Ningi (PDP, Bauchi Central), urging the Appropriations Committee to strengthen oversight of all borrowed funds in the 2025 fiscal year to ensure they are “strictly applied to their intended purposes.”

With this latest approval, Nigeria’s borrowing plan for 2025 has now reached a record level, underscoring the government’s heavy reliance on debt financing to fund its ambitious spending programme.