{"id":123766,"date":"2025-11-13T06:19:42","date_gmt":"2025-11-13T05:19:42","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=123766"},"modified":"2025-11-13T06:19:42","modified_gmt":"2025-11-13T05:19:42","slug":"senate-okays-tinubus-%e2%82%a61-15tr-loan-request","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/senate-okays-tinubus-%e2%82%a61-15tr-loan-request\/","title":{"rendered":"Senate Okays Tinubu\u2019s \u20a61.15tr Loan Request\u00a0"},"content":{"rendered":"<div id=\"m#msg-f:1848619893416855911\" class=\"mail-message expanded\">\n<div id=\"m#msg-f:1848619893416855911-header\" class=\"mail-message-header spacer\" style=\"text-align: justify;\">By Lizzy Chirkpi<\/div>\n<div id=\"m#msg-f:1848619893416855911-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \">\n<div class=\"clear\">\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Senate on Wednesday approved President Bola Tinubu\u2019s request to obtain an additional \u20a61.15 trillion loan from the domestic debt market, a move that pushes Nigeria\u2019s 2025 budget deficit to a record \u20a614.1 trillion.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The approval followed the consideration and adoption of the report presented on Wednesday by the Senate Committee on Local and Foreign Debt.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">According to the committee\u2019s findings, Nigeria\u2019s 2025 Appropriation Act now stands at \u20a659.99 trillion, reflecting a \u20a65.25 trillion increase from the initial \u20a654.74 trillion proposed by the Executive. The revision pushes the nation\u2019s total budget deficit to \u20a614.10 trillion, of which \u20a612.95 trillion has already been approved for borrowing, leaving an unfunded shortfall of \u20a61.15 trillion.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In his communication to the National Assembly dated November 4, President Tinubu requested the legislature\u2019s consent for the additional borrowing, explaining that the funds would be sourced locally to \u201cbridge the financing gap and sustain the implementation of critical government programmes and projects.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">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\u2019s approval.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">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 \u201cstrictly applied to their intended purposes.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">With this latest approval, Nigeria\u2019s borrowing plan for 2025 has now reached a record level, underscoring the government\u2019s heavy reliance on debt financing to fund its ambitious spending programme.<\/div>\n<div id=\"m_-6763813817423798580ymail_android_signature\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Lizzy Chirkpi The Senate on Wednesday approved President Bola Tinubu\u2019s request to obtain an additional \u20a61.15 trillion loan from the domestic debt market, a move that pushes Nigeria\u2019s 2025&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":108873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-123766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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