Nigerian Senate Approves ₦1.15 Trillion Borrowing Request by President Tinubu

The Nigerian Senate has granted approval to President Bola Tinubu's request to borrow ₦1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit. This decision follows the adoption of a report presented by the Senate Committee on Local and Foreign Debt during a plenary session.

The approved amount is intended to cover the deficit gap and ensure the smooth implementation of key government programs and infrastructure projects for the fiscal year 2025. Senator Abdul Ningi (Bauchi Central) directed the committee on appropriations to strengthen oversight to ensure proper utilization of the borrowed funds.