Senate approves Tinubu’s request to borrow N1.15trn

The Senate has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.

The Senate announced the approval after adopting a report by the Senate Committee on Local and Foreign Debt during plenary in Abuja on Wednesday, November 12, 2025.

The committee noted that the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 trillion over the N54.74 trillion initially proposed by the Executive.

Tinubu seeks Senate’s approval for fresh N1.15trn loan

This expansion created a total budget deficit of N14.10 trillion. Of this, N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of approximately N1.15 trillion (N1,147,462,863,321).

Tinubu had, on November 4, sought the approval of the Senate for a fresh N1.15 trillion loan from the domestic debt market to finance the deficit in the 2025 budget.

The president stated that the proposed borrowing is aimed at bridging the funding gap and ensuring the full implementation of government programmes and projects under the 2025 fiscal plan.

The Star