BREAKING: Senate Approves Tinubu’s Request to Borrow ₦1.15 Trillion to Fund 2025 Budget Deficit

Senate has approved Tinubu’s request to borrow ₦1.15 trillion to fund 2025 budget deficit.

NewsOnline Nigeria reports that the Nigerian Senate has granted approval for President Bola Ahmed Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit.

The decision followed the adoption of a report presented by the Senate Committee on Local and Foreign Debt during plenary on Wednesday.

According to the committee’s findings, the 2025 Appropriation Act outlines a total expenditure of ₦59.99 trillion — a ₦5.25 trillion increase from the ₦54.74 trillion initially proposed by the Executive. This expansion pushed the total budget deficit to ₦14.10 trillion.

ALSO: FG Announces New Funds to Boost Nigeria’s Tech and Creative Start-Ups in 2026

Out of this, ₦12.95 trillion had already been approved for borrowing, leaving an unfunded shortfall of approximately ₦1.15 trillion (₦1,147,462,863,321), which the new approval is meant to cover.

In a related motion sponsored by Senator Abdul Ningi, the Senate directed the Committee on Appropriations to strengthen its oversight responsibilities to ensure that the borrowed funds are properly utilized and channeled strictly toward the intended projects in the 2025 fiscal year.

President Tinubu had earlier, on November 4, 2025, written to the National Assembly seeking approval for the additional borrowing to bridge the budget funding gap and ensure smooth implementation of key government programs and infrastructural projects.