Nigerian Senate Approves N1.15 Trillion Domestic Loan for 2025 Budget Funding

The Nigerian Senate has approved President Bola Tinubu's request to borrow N1.15 trillion from the domestic debt market to finance the deficit in the 2025 budget. The loan approval is part of the 2025 Appropriation Act, which saw an increase in the budget to N59.99 trillion.

The borrowing provision of N12.95 trillion aims to bridge the unfunded gap of N1.147 trillion, increasing the budget deficit to N14.10 trillion. The Senate emphasized the need for transparency and proper utilization of the borrowed funds to stimulate economic growth and improve citizen welfare.