Peter Johnson, Abuja

The Nigerian Senate has approved President Bola Tinubu’s request to borrow N1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit. This approval comes after the Senate Committee on Local and Foreign Debt reviewed the request and presented its report.

The Senate has also mandated the Committee on Appropriations to ensure the borrowed funds are used strictly for their intended purposes. Additionally, the Federal Ministry of Finance and Debt Management Office have been urged to undertake the borrowing within approved fiscal parameters, ensuring transparency and sustainability.

The loan, if granted would enable the federal Government to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.