Wednesday November 12, 2025 | The National Assembly approved President Bola Tinubu’s request to borrow N1.15tn from the domestic debt market to finance the 2025 budget deficit, completing the government’s fiscal funding plan.
At the Senate, the approval followed the consideration and adoption of a report presented by the Senate Committee on Local and Foreign Debt during plenary.
The committee, chaired by Senator Wamakko Magatarkada Aliyu (APC, Sokoto North), explained that the 2025 Appropriation Act provides for total expenditure of N59.99tn — an increase of N5.25tn from the initial N54.74tn proposed by the Executive.
This expansion, the committee said, created a total budget deficit of N14.10tn, out of which N12.95tn had already been approved for borrowing. The newly approved N1.15tn, representing the unfunded portion, will now complete the government’s deficit financing plan for the fiscal year.
In adopting the report, the Senate also approved a motion sponsored by Senator Abdul Ningi (PDP, Bauchi Central), mandating the Committee on Appropriations to intensify oversight to ensure that the borrowed funds are strictly applied to the purposes outlined in the budget.
Similarly, the House of Representatives approved Tinubu’s request to borrow N1.15tn to finance the 2025 budget deficit arising from the recent increase in the national budget size beyond earlier approved revenue and borrowing projections.
The approval followed the consideration and adoption of the report of the House Committee on Aids, Loans, and Debt Management during plenary on Wednesday.
Presenting the report, the Committee Chairman, Abubakar Nalaraba (APC, Nasarawa), urged the House in the Committee of Supply to approve “the sum of N1.15tn as a borrowing programme in the domestic debt market to close the unfunded deficit gap created by the increase in the budget size, over and above the prior approved revenue and borrowing plans.”
