Senate Approves Tinubu’s ₦1.15 Trillion Domestic Borrowing Plan to Address 2025 Budget Deficit

Story: written by Myra November 13,2025
The Nigerian Senate has approved President Bola Tinubu’s request to secure a ₦1.15 trillion domestic loan to bridge the funding gap in the 2025 national budget.

The decision followed the presentation of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (APC, Sokoto North) and presented by Senator Haruna Manu (PDP, Taraba Central).

According to the committee’s report, the ₦1.15 trillion borrowing will cover the remaining shortfall in the ₦14.10 trillion deficit contained in the 2025 Appropriation Act. The total spending for 2025 was revised upward to ₦59.99 trillion, up by ₦5.25 trillion from the original ₦54.74 trillion proposal.

President Tinubu, in his letter to the Senate dated November 4, cited provisions of the Fiscal Responsibility Act (FRA) 2007, emphasizing the need for legislative approval for any new government borrowing.

He explained that the budget deficit had expanded due to the higher spending plan approved by the National Assembly, necessitating an increase in the domestic borrowing limit.

The Senate President, Godswill Akpabio, after the committee’s presentation, endorsed the recommendation and approved the borrowing request, describing it as essential for maintaining fiscal stability and funding priority projects.