The Nigerian Senate has officially approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit.
The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debt during plenary on Wednesday, November 12, 2025.
According to the committee’s report, the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, which marks an increase of N5.25 trillion from the N54.74 trillion initially proposed by the Executive.
This expansion led to a total budget deficit of N14.10 trillion. Out of this figure, N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of N1.15 trillion (N1,147,462,863,321) to be sourced locally.
In a related move, the Senate also adopted a motion sponsored by Senator Abdul Ningi, urging the Senate Committee on Appropriations to strengthen its oversight function and ensure that the borrowed funds are efficiently utilized in the 2025 fiscal year and applied strictly to the projects they are intended for.
President Tinubu had earlier, on November 4, written to the National Assembly seeking approval for the N1.15 trillion domestic borrowing to bridge the funding gap and ensure the smooth implementation of federal projects and programmes under the 2025 fiscal plan.
The move aligns with the government’s broader strategy to boost infrastructure spending, sustain economic growth, and close revenue shortfalls through controlled domestic borrowing.
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