During Wednesday’s budget session, the Senate actively approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market.
This decision comes as the government faces a widening gap in the 2025 national budget, a shortfall that could disrupt planned projects.
Committee Flags Growing Deficit
Earlier, the Senate Committee on Local and Foreign Debt presented a detailed report, highlighting that the 2025 Appropriation Act now sets total expenditure at ₦59.99 trillion — an increase of ₦5.25 trillion from the Executive’s original proposal of ₦54.74 trillion.
Consequently, the committee warned that this spending surge pushed the budget deficit to ₦14.10 trillion, signalling mounting pressure on government finances.
Read Also: Nigeria’s Debt Market Hits ₦191.99T On Rising Yields
Loan For Budget
The committee further noted that the government had already cleared ₦12.95 trillion for borrowing, leaving roughly ₦1.15 trillion uncovered.
By approving the domestic loan, the Senate ensures that the government can bridge the remaining gap and maintain funding for key programmes.
Managing Fiscal Pressure
Lawmakers also emphasised that, although borrowing remains necessary, the government must carefully manage these funds to prevent further strain on the nation’s finances.
More Details Later…….
