By Kingston Magare 12.11.2025
President Bola Tinubu has been given the greenlight by the Senate to go ahead and secure the N1.15 trillion domestic loan he requested to fund the 2025 budget deficit.
The Senate gave the approval for the loan during Wednesday’s plenary session after the Senate Committee on Local and Foreign Debts presented its report, highlighting the need for the loan to bridge the gap in the shortfall in the 2025 budget.
“A budget of N59.99 trillion was passed in the 2025 Appropriation Act, with an increase of N5.25 trillion from the N54.74 trillion budget earlier proposed by the Executive,” said the Committee chairman, Wamakko Magatarkada
“This increase created a budget deficit of N14.10 trillion. The proposed borrowing approval in the budget was N12.95 trillion, which occasioned an unfunded deficit of N1.147 trillion. It is therefore necessary to increase the domestic borrowing limit in the 2025 budget by N1.147 trillion to close the gap.
“The Federal Ministry of Finance and the Debt Management Office to undertake the borrowing strictly within approved fiscal parameters, ensuring that all terms and conditions are favourable, transparent, and sustainable.”
The Senate urged the committee to monitor the implementation and utilisation of proceeds from the borrowing, receive quarterly reports from the Ministry of Finance and Debt Management Office, track compliance with debt sustainability thresholds and report any deviations to the Senate for appropriate legislative action.
It also mandated the the Appropriation Committee “to ensure that the borrowing is actually used for the purpose for which it is required, which is to fund the 2025 Appropriation.”
Tinubu...goes a borrowing to keep Nigeria running.