Senate Approves Tinubu’s N1.15 Trillion Loan Request

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

The approval was granted on Wednesday following the presentation and consideration of the Report of the Committee on Local and Foreign Debts Borrowing Programme to Fund the 2025 Budget Deficit, chaired by Senator Aliyu Wamako (APC, Sokoto North).

The report was presented to the chamber by the committee’s Vice Chairman, Senator Haruna Manu (PDP, Taraba Central), who 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.”

President Tinubu’s loan request was initially conveyed in a letter read by Senate President Godswill Akpabio during plenary on November 4, outlining the need for domestic borrowing to support government spending and bridge the fiscal gap.

According to the President’s letter, the proposed borrowing will “help bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan.”

Following the reading of the letter, Akpabio referred the proposal to the Senate Committee on Local and Foreign Debt, led by Senator Wamako, with instructions to review and report back within one week for further legislative action.

The Senate’s approval gives the executive the go-ahead to source funds locally to sustain public sector projects, welfare initiatives, and key infrastructural commitments outlined in the 2025 budget.