The House of Representatives has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to bridge the shortfall in the 2025 national budget.
According to THE GUARDIAN, lawmakers on Wednesday granted approval for President Bola Ahmed Tinubu to source an additional N1.15 trillion from the domestic debt market to cover the shortfall in the 2025 national budget.
The approval followed the adoption of a report by the House Committee on Aids, Loans and Debt Management, led by Abubakar Nalaraba, during plenary. The Committee of Supply, chaired by Deputy Speaker Benjamin Kalu, considered the report clause by clause before endorsing the borrowing plan.
Nalaraba explained that the request was necessitated by an upward revision of the 2025 Appropriation Act, which increased total expenditure beyond the original revenue and borrowing projections. Tinubu had previously secured $2.35 billion in external borrowing and issued a $500 million sovereign sukuk to partially fund the budget deficit.
“Section 44 (1–2) of the Fiscal Responsibility Act, 2007, mandates legislative consent before any new borrowing by the Federal Government,” the report noted.
The domestic borrowing is intended to cover the remaining N1.15 trillion of the N14.10 trillion deficit following the expansion of the 2025 budget from N49.74 trillion to N59.99 trillion. Tinubu said the Finance Ministry and Debt Management Office would work with advisers to secure favourable borrowing terms.