House of Representatives Receives President’s N1.15 Trillion Borrowing Request, Refers to Committee for Scrutiny
The House of Representatives on Wednesday received a request from President Bola Ahmed Tinubu, GCFR, seeking legislative approval to establish a One Trillion, One Hundred and Fifty Billion Naira (N1.15 Trillion) borrowing programme in the domestic debt market.
The communication, titled “Request for the Approval of the National Assembly for a Borrowing Programme to Fund the 2025 Budget Deficit,” dated October 31, 2025, and addressed to the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, GCON, was read on the floor during plenary by the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, PhD, CFR, who presided over the session.
The request, according to the letter, is necessitated by the increase in the total size of the 2025 Appropriation Act passed by the National Assembly, which resulted in an unfunded deficit gap.
The President’s correspondence detailed the following:
- The National Assembly passed a total budget of N59.99 Trillion, representing an increase of N5.25 Trillion from the N49.74 Trillion initially proposed by the Executive.
- This increase resulted in a total budget deficit of N14.10 Trillion.
- However, the borrowing amount originally approved in the budget was N12.95 Trillion, leaving an unfunded deficit of N1,147,462,863,321.39 (approximately N1.15 Trillion).
The President noted that the request is in line with Section 44 (1–2) of the Fiscal Responsibility Act (FRA), 2007, which requires the approval of the National Assembly for all new borrowings by the Federal Government of Nigeria.
In keeping with its constitutional mandate to ensure fiscal prudence and transparency in national financial management, the House of Representatives has referred the request to the House Committee on Aids, Loans and Debt Management for further scrutiny.
The Committee has been mandated to commence legislative consideration of the request and report back to the House for further action.
Reps Demand Full Implementation of 2024 Appropriation Act
During two closed-door sessions held on Wednesday, lawmakers demanded the full implementation of the capital component of the 2024 Appropriation Act.
They expressed displeasure over the protest by indigenous contractors who blocked the main entrance of the National Assembly complex in Abuja on Tuesday and Wednesday, calling for the immediate release of funds for completed projects.
The lawmakers also urged the Executive to ensure the prompt commencement of capital implementation for the 2025 Appropriation Act once approved, to prevent project delays and stalled development initiatives.
Following the deliberations, the House adjourned plenary until next Tuesday.
