The Senate has approved President Bola Tinubu’s request to borrow an additional N1.15 trillion from the domestic debt market to finance the 2025 budget deficit.

This approval was granted on Wednesday after the presentation and deliberation of the Report of the Committee on Local and Foreign Debts Borrowing Programme to Fund the 2025 Budget Deficit, which is chaired by Senator Aliyu Wamako (APC, Sokoto North).

The report was formally presented by the committee’s Vice Chairman, Senator Haruna Manu (PDP, Taraba Central), who stated, “That the Senate do Receive and Consider the Report of the Committee on Local and Foreign Debts for the approval of the Borrowing Programme to Fund the 2025 Budget Deficit.”

President Tinubu’s request for the fresh ₦1.15 trillion borrowing was initially read during the Senate plenary on November 4 by the Senate President, Senator Godswill Akpabio.

The letter accompanying the request indicated that the proposed funds are intended to bridge the financing gap and ensure the full implementation of government programmes and projects outlined in the 2025 fiscal plan.

Following the reading, Akpabio referred the request to Senator Aliyu Wammako and the Senate Committee on Local and Foreign Debt, instructing them to report back within a week to allow for further legislative action, which culminated in the Senate’s decision on Wednesday.