President Bola Ahmed Tinubu has written to the Senate seeking approval for the establishment of a ₦1.15 trillion domestic borrowing programme to close the funding gap in the 2025 national budget.
In a letter read at Tuesday’s plenary by Senate President Godswill Akpabio, the President said the borrowing became necessary to address the ₦1.147 trillion unfunded deficit that arose from the increase in the budget size beyond approved revenue projections.
Tinubu noted that the request was made in line with Section 44 (1–2) of the Fiscal Responsibility Act, and forms part of the administration’s strategy to ensure fiscal stability and effective budget implementation.
“Based on the foregoing, I wish to request the approval of the Senate for the establishment of a ₦1.15 trillion borrowing programme in the domestic debt market to close the unfunded 2025 budget deficit,” the President’s letter stated.
The request was subsequently referred to the Committee of the Whole for consideration and further legislative action.
In a separate correspondence, the President also sought Senate confirmation of a ministerial nominee, forwarded in compliance with Section 147 (2) of the 1999 Constitution (as amended).
Both requests were formally acknowledged by the Senate President, who pledged expeditious consideration in line with legislative tradition.