By Daniel Ojukwu
The Nigerian Senate has granted President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to fund the 2025 budget deficit.
The approval was confirmed on Wednesday, following the presentation of the Senate Committee on Local and Foreign Debts report, chaired by Senator Aliyu Wamako of Sokoto North.
The report, presented by the Committee’s Vice Chairman, Senator Haruna Manu of Taraba Central, recommended that the Senate approve the borrowing programme to ensure the 2025 budget can be fully implemented. “The Senate is urged to receive and consider the report for approval of the borrowing programme to fund the 2025 budget deficit,” Manu stated during plenary.
President Tinubu had formally submitted a letter to the Senate on November 4, 2025, requesting authorization for the domestic borrowing. The letter, read by Senate President Godswill Akpabio, highlighted the need to bridge the funding gap and guarantee the execution of government projects and programmes under the 2025 fiscal plan.
Following the reading, Akpabio referred the request to Senator Aliyu Wamako to lead the committee’s review and report back to the Senate within one week for legislative action.
According to the committee, the borrowing is crucial for covering shortfalls in the budget and avoiding disruptions in key government initiatives. Senators emphasized that timely approval would help maintain fiscal stability and ensure the smooth continuation of planned development projects.
Senator Wamako noted that the committee had reviewed the proposal thoroughly and recommended its adoption, stressing that the funds would be sourced entirely from the domestic market to avoid foreign debt pressures.
Lawmakers on the floor expressed support for the borrowing programme, with many highlighting the importance of securing adequate funding to meet national development priorities.
The Senate’s approval allows the executive branch to begin arrangements for the N1.15 trillion domestic debt, ensuring that government operations under the 2025 budget can continue without interruptions.