Tinubu Seeks N1.15Trn Domestic Borrowing to Bridge 2025 Budget Gap

ByEditor

Nov 4, 2025 #2025 budget, #domestic loan, #fiscal deficit, #government debt, #N1.15 trillion, #National Assembly approval, #Nigeria borrowing, #Tinubu

President Bola Tinubu

Pat Stevens/

President Bola Ahmed Tinubu has formally requested approval from the National Assembly to borrow N1.15 trillion from the domestic debt market to plug the funding gap in the 2025 budget.

His proposal was presented in a letter that was read on the floor of the Senate during Tuesday’s plenary session by Senate President Godswill Akpabio.

According to the correspondence, the borrowing is intended to “bridge the funding gap and ensure full implementation of government programmes and projects under the 2025 fiscal plan.”

Following the reading, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debt (chaired by Senator Aliyu Wammako) for detailed scrutiny.

The committee has been directed to submit its report within one week.

This domestic borrowing request comes amid parallel efforts by the Tinubu administration to obtain external financing.

In late October, the House of Representatives approved a $2.35 billion external borrowing plan, which includes refinancing maturing Eurobonds and issuing Nigeria’s first sovereign Sukuk.

Meanwhile, National Assembly has also approved a broader external debt package of over $2.8 billion to part-fund the 2025 deficit.

Observers note that Nigeria’s public debt burden has been rising rapidly.

In July, the Senate approved a sweeping external borrowing framework exceeding $21 billion to cover infrastructure, health, security, and other needs.