The Senate on Wednesday approved President Bola Ahmed Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to finance the deficit in the 2025 national budget.
The approval followed the adoption of the report of the Senate Committee on Local and Foreign Debts, presented by the Vice Chairman of the Committee, Senator Manu Haruna (APC–Taraba).
President Tinubu had, in a letter dated November 4, 2025, sought the Senate’s approval for the domestic borrowing to bridge the shortfall in the 2025 Appropriation Bill.
Presenting the report, Senator Haruna explained that the 2025 Appropriation Act passed by the National Assembly amounted to ₦59.99 trillion—an increase of ₦5.25 trillion from the ₦54.74 trillion initially proposed by the executive.
He noted that the adjustment created a budget deficit of ₦14.10 trillion, while the proposed borrowing in the budget was ₦12.95 trillion, leaving an unfunded gap of ₦1.147 trillion.
During deliberations, Senator Abdul Ningi (APC–Bauchi) stressed the need for effective oversight and called on the Committee on Appropriation to work closely with the Debt Management Office (DMO) and the Budget Office to ensure proper utilization and servicing of the loan.
He urged the committee to receive quarterly reports on the implementation and utilisation of the borrowed funds.
Also speaking, Senator Adeola Solomon (APC–Ogun) commended the committee’s report, describing it as a “true reflection” of the budget process, while emphasizing the need for a concrete plan to raise the funds promptly to sustain capital project execution.
Following the adoption of the report, the Senate directed the Federal Ministry of Finance and the DMO to ensure that the borrowing is carried out strictly within approved fiscal parameters and that all terms and conditions remain favourable, transparent, and sustainable.
The Senate further mandated its Committees on Local and Foreign Debts, and Appropriation, to oversee the implementation and utilisation of the proceeds and to ensure that the funds are used strictly to finance the deficit in the 2025 Appropriation Act.
Deputy Senate President, Senator Barau Jibrin (APC–Kano), who presided over the session, commended the committee for its diligence and timely presentation of the report.
Daily Trust
