The Senate gave President Bola Tinubu the go‑ahead to raise an additional ₦1.15 trillion on the domestic market, a move intended to close the financing gap in the 2025 national budget.
After the Senate Committee on Local and Foreign Debt presented its findings, the chamber adopted the report, confirming that total approved expenditure for 2025 now stands at ₦59.99 trillion ₦5.25 trillion above the original ₦54.74 trillion estimate.
This upward revision lifts the budget deficit to ₦14.10 trillion, with ₦12.95 trillion already earmarked for borrowing, leaving the ₦1.15 trillion shortfall to be sourced locally.In the same session, the Senate passed a motion introduced by Senator Abdul Ningi that strengthens parliamentary oversight of the new borrowing.
The motion directs the Appropriations Committee, chaired by Senator Aliyu Wammako, to monitor the use of the borrowed funds throughout the fiscal year and ensure they are applied only to the intended projects.
The committee was given a one‑week deadline to deliver its review, facilitating the swift legislative approval.With the Senate’s endorsement, the Federal Ministry of Finance and the Debt Management Office are now cleared to negotiate the loan on “favourable, transparent and sustainable” terms.
The borrowed funds will be allocated to critical capital and human‑development programmes, and the legislature will receive quarterly updates to track progress and repayment, reinforcing the oversight framework established by the Ningi motion.
