ABUJA, Nigeria — Nigeria’s National Assembly has approved President Bola Tinubu’s request to borrow N1.15 trillion to help close the deficit in the 2025 federal budget, following a joint endorsement by the Senate and House of Representatives during plenary on Wednesday, November 12, 2025.
Tinubu had written to the legislature on Tuesday, November 11, 2025, urging lawmakers to authorise additional domestic borrowing after the National Assembly increased the 2025 budget from the N54.74 trillion initially proposed by the executive to N59.9 trillion — a difference of N5.25 trillion.
The expansion created a deficit of N14 trillion, prompting the president to seek an adjustment of the borrowing ceiling.
In his letter to Senate President Godswill Akpabio and House Speaker Tajudeen Abbas, Tinubu said it had become “necessary to increase the domestic borrowing limit in the 2025 budget by N1.147 trillion to close this gap.”
Presenting the review on behalf of the Joint Committee on Local and Foreign Debts, Haruna Manu, deputy chair of the Senate panel and senator representing Taraba Central, recommended approval of the borrowing.
The committee urged the federal ministry of finance and the Debt Management Office to ensure that any new loans adhere strictly to Nigeria’s fiscal parameters and remain “favourable, transparent, and sustainable.”
The panel also advised that the committee on local and foreign debts be empowered to oversee implementation and utilisation of the funds.
It called for quarterly reports from both the ministry of finance and the DMO detailing the status of the borrowing, how the loans are used, debt servicing plans, and compliance with Nigeria’s debt sustainability thresholds.
During the debate, Abdul Ningi, senator representing Bauchi Central, introduced an additional motion mandating the appropriation committee to ensure that all borrowed funds are used solely for purposes approved by the legislature.
Supporting the motion, Adeola Solomon, who represents Ogun West, said the borrowing was needed to sustain government operations amid the expanded fiscal framework.
“We have shortfalls from the 2025 budget, and we need borrowings,” Solomon said.
“There is a need for us to come up with a plan on how the money will be sourced. This will be sourced locally, and I call on my colleagues to support this bill in its entirety.”
Barau Jibrin, deputy senate president, praised the committee’s work, describing its findings as “precise and well-delivered.” “You did the job in a very short time.
The report is straight to the point, and I thank you for a job well done,” Jibrin added.
The approval marks the latest in a series of borrowing requests endorsed by the legislature this year.
In October, the National Assembly approved Tinubu’s request to borrow $2.35 billion to fund part of the 2025 budget deficit.
Lawmakers also authorised the issuance of a $500 million debut sovereign sukuk in the international capital market to finance infrastructure projects and diversify Nigeria’s sources of external funding.
