Nigerian Senate Approves ₦1.15 Trillion Domestic Borrowing for 2025 Budget Deficit

The Nigerian Senate has approved President Bola Ahmed Tinubu's request to establish a ₦1.15 trillion domestic borrowing program to address the 2025 budget deficit. This decision was made to bridge the funding gap resulting from the increased total budget size of ₦59.99 trillion.

The borrowing will be strictly managed within existing fiscal laws and guidelines, focusing on capital and human development projects. The Senate committee confirmed that the borrowing request complies with statutory procedures and supports the 2025 fiscal plan.