Nigerian Senate Approves ₦1.15 Trillion Loan for 2025 Budget Deficit

The Nigerian Senate has granted approval for President Bola Tinubu's request to borrow ₦1.15 trillion from the domestic debt market to address the 2025 budget deficit. The total government spending for 2025 is set at ₦59.99 trillion, with a deficit of ₦14.10 trillion.

This loan will cover the remaining gap after an initial ₦12.95 trillion was already approved for borrowing. Senator Abdul Ningi emphasized the need for strict oversight to ensure the borrowed funds are used for their intended purposes.

President Tinubu had sought this loan to bridge funding gaps for key government projects and programs.