The Senate has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to cover the shortfall in the 2025 budget.

The approval came after the adoption of a report by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary.

According to the committee, the 2025 Appropriation Act puts total government spending at N59.99 trillion — an increase of N5.25 trillion from the original N54.74 trillion proposed by the Executive. This adjustment created a total deficit of N14.10 trillion, out of which N12.95 trillion had already been approved for borrowing, leaving an unfunded gap of about N1.15 trillion.

President Tinubu, in a letter to the Senate on November 4, said the new borrowing would ensure the full implementation of government programmes and projects under the 2025 fiscal plan.

Meanwhile, the Senate also adopted a motion by Senator Abdul Ningi mandating the Appropriations Committee to strengthen oversight and ensure that the borrowed funds are used strictly for their intended purposes.