Tinubu Seeks Senate Approval for ₦1.15 Trillion Domestic Borrowing Plan

President Bola Ahmed Tinubu has requested the Senate’s approval to establish a ₦1.15 trillion domestic borrowing programme to help close the funding gap in the 2025 national budget.

In a letter read during Tuesday’s plenary by Senate President Godswill Akpabio, Tinubu explained that the borrowing became necessary to cover a ₦1.147 trillion deficit created by an expansion of the budget beyond projected revenue.

He noted that the move aligns with Section 44 (1–2) of the Fiscal Responsibility Act and is part of his administration’s strategy to maintain fiscal stability and ensure effective budget implementation.

“Based on the foregoing, I request Senate approval for the establishment of a ₦1.15 trillion borrowing programme in the domestic debt market to close the unfunded 2025 budget deficit,” the President’s letter stated.

The Senate referred the request to the Committee of the Whole for consideration and further legislative action.

In a separate letter, President Tinubu also sought the Senate’s confirmation of a ministerial nominee, in line with Section 147 (2) of the 1999 Constitution (as amended). Akpabio assured that both requests would receive prompt attention.

This development comes just days after the House of Representatives approved Tinubu’s plan to raise $2.347 billion from the international capital market to finance part of the 2025 budget deficit and refinance maturing Eurobonds.

According to a report by Hon. Abubakar Hassan Nalaraba, Chairman of the House Committee on Aids, Loans, and Debt Management, the external borrowing includes $1.23 billion for the 2025 budget deficit and $1.12 billion for refinancing Nigeria’s Eurobond maturing in November 2025.

The House also authorized the Federal Government to access the funds through Eurobond issuance, loan syndication, bridge financing, or direct borrowing from global financial institutions. Additionally, lawmakers approved plans to issue Nigeria’s first Sovereign Sukuk bond of up to $500 million in the international market.

President Tinubu previously explained that the borrowing plans, both domestic and external, were essential to bridge the revenue-expenditure gap and ensure that government obligations, including debt repayments, are met in the 2025 fiscal year.