The Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to finance the deficit in the 2025 budget.
The approval was granted on Wednesday following the presentation and consideration of the report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamako (APC, Sokoto North). The report was presented by the committee’s Vice Chairman, Senator Haruna Manu (PDP, Taraba Central).
Presenting the report, Senator Manu said the Senate was requested to receive and consider the committee’s findings for the approval of the borrowing programme to support the implementation of the 2025 fiscal plan.
President Tinubu had earlier, on November 4, transmitted a letter to the National Assembly seeking approval for the borrowing. The letter, read by Senate President Godswill Akpabio during plenary, explained that the loan would help bridge the funding gap and ensure the smooth execution of government programmes and projects in the 2025 budget.
Akpabio had referred the request to the Senate Committee on Local and Foreign Debts for legislative review and report within a week.
With the Senate’s approval, the federal government can now proceed to raise the ₦1.15 trillion from the domestic debt market to meet part of its financing needs for the coming fiscal year.
