The National Assembly has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to finance the 2025 budget deficit, completing the administration’s fiscal funding plan for the year.
Both the Senate and the House of Representatives gave the approval on Wednesday after considering reports from their respective committees on loans and debt management.
Lawmakers said the new borrowing would cover the remaining shortfall in the N59.99 trillion national budget, which expanded the deficit to N14.1 trillion.
President Tinubu, in his earlier letter to both chambers, explained that the loan was needed “to bridge the funding gap and ensure the full implementation of government programmes and projects under the 2025 fiscal plan.”
At the Senate, the Committee on Local and Foreign Debt, chaired by Senator Wamakko Aliyu, justified the borrowing as necessary to sustain economic stability. Lawmakers, including Senators Sani Musa, Adetokunbo Abiru, and Adams Oshiomhole, also backed the move, saying it would not worsen Nigeria’s debt profile since it had been captured in the 2025 budget.
In the House of Representatives, the Committee on Aids, Loans and Debt Management, led by Abubakar Nalaraba, urged members to approve the domestic borrowing plan to close what it described as an “unfunded deficit gap” caused by the budget increase. The motion was unanimously adopted.
The approval comes amid growing concern over Nigeria’s rising public debt, which now stands at over N152 trillion.
While critics warn of long-term risks, the government insists that strategic borrowing remains key to funding infrastructure, maintaining growth, and fulfilling fiscal commitments.
