Tinubu Seeks Senate Approval for Fresh ₦1.15 Trillion Domestic Loan to Fund 2025 Budget Deficit
By Paul Ebi
President Bola Ahmed Tinubu has written to the Senate, seeking legislative approval to borrow an additional ₦1.15 trillion from the domestic debt market to finance the deficit in the 2025 national budget.
The request, contained in a letter read on the floor of the Senate on Tuesday by Senate President Godswill Akpabio, explained that the proposed borrowing is part of measures to bridge funding gaps in the 2025 fiscal framework.
Tinubu noted that the loan would be sourced from the domestic market, in line with the administration’s medium-term debt strategy aimed at reducing reliance on external borrowing and mitigating foreign exchange risks.
“The funds will be applied to critical sectors of the economy, including infrastructure, security, and social investment programmes, to ensure effective implementation of the 2025 Appropriation Act,” the letter read in part.
The president assured lawmakers that his administration remains committed to prudent debt management, emphasizing that the borrowing plan is within sustainable limits and consistent with Nigeria’s Debt Management Office (DMO) guidelines.
Senators are expected to deliberate on the request in the coming days as part of broader discussions on the 2025 budget implementation.
The proposed loan comes amid growing concerns over Nigeria’s rising debt profile, with economists urging the federal government to prioritize revenue generation, block leakages, and expand the tax net to reduce dependence on borrowing.
