Nigerian House of Representatives Approves N1.150 Trillion Borrowing for Budget Deficit

The House of Representatives in Nigeria has granted approval for President Bola Tinubu to borrow N1.150 trillion to address the budget deficit. This move involves borrowing from the domestic debt market to close the unfunded deficit gap in the 2025 budget.

Tinubu's request was made in a letter to the House, citing the need to increase the budget size beyond the previously approved revenue and borrowing plans. The borrowing is in line with the Fiscal Responsibility Act of 2007, requiring National Assembly approval for new federal government borrowing.