Senate Approves Tinubu’s Request To Borrow ₦1.15 Trillion For 2025 Budget Deficit

Senate approves ₦1.15 trillion borrowing for 2025 budget deficit
Loan to be sourced from domestic debt market
Lawmakers say borrowing will sustain key government projects

The Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to finance the deficit in the 2025 national budget.

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EKO HOT BLOG reports that the approval was granted during Wednesday’s plenary after lawmakers considered and adopted the report of the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko of the All Progressives Congress (APC), Sokoto North.

The report, presented by the committee’s Vice Chairman, Senator Haruna Manu (PDP, Taraba Central), recommended that the chamber endorse the borrowing plan to bridge the fiscal gap in the 2025 budget.

Senator Manu, while presenting the report, said, “That the Senate do receive and consider the Report of the Committee on Local and Foreign Debts for the approval of the Borrowing Programme to Fund the 2025 Budget Deficit.”

After extensive deliberation, lawmakers voted in favour of the motion, agreeing that the borrowing would enable the Federal Government to sustain the implementation of critical programmes and projects in the new fiscal year.

President Tinubu’s borrowing proposal had earlier been read before the Senate on November 4, 2025, by Senate President Godswill Akpabio.

In his letter to the Senate, Tinubu explained that the ₦1.15 trillion would be raised from the domestic debt market to close the revenue shortfall and ensure full execution of government policies and developmental initiatives under the 2025 fiscal plan.

“The proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan,” the letter read.

Following the reading, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for prompt review and recommendations, which led to the final approval on Wednesday.