The Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to cover 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. The committee noted that the 2025 Appropriation Act sets total expenditure at N59.99 trillion, creating a budget deficit of N14.10 trillion, of which N12.95 trillion had already been approved for borrowing.

The Senate also directed the Committee on Appropriations to intensify oversight to ensure that the borrowed funds are properly implemented and used strictly for their intended purposes under the 2025 fiscal plan.

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