Nigeria’s upper chamber on Wednesday endorsed President Bola Tinubu’s bid to secure N1.15 trillion in fresh domestic debt, a move to cap the expanded 2025 budget deficit and unlock full funding for national initiatives amid a revamped spending blueprint.
The green light came via a unanimous voice vote after lawmakers embraced a report from the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, during a plenary session that spotlighted the fiscal tweaks.
The 2025 Appropriations Act now totals N59.99 trillion — a N5.25 trillion hike from Tinubu’s original N54.74 trillion pitch — ballooning the deficit to N14.10 trillion. With N12.95 trillion already sanctioned for loans, the new borrowing of N1,147,462,863,321 mops up the remaining gap.
In his November 4 letter to the Senate, Tinubu framed the request as essential, stating it would “bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.”
Senate Leader Opeyemi Bamidele, steering the debate, urged swift passage to sustain momentum on the Renewed Hope Agenda, while a motion from Senator Abdul Ningi was adopted to ramp up oversight by the Appropriations Committee, ensuring “the borrowed funds are properly implemented and used strictly for their intended purposes.”
