The Senate has approved President Bola Ahmed Tinubu’s request to obtain a fresh ₦1.15 trillion loan from the domestic debt market to finance part of the deficit in the 2025 national budget.

The approval was granted on Wednesday following the presentation and consideration of the report of the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamako (APC, Sokoto North). The report was presented on the floor by the Vice Chairman of the Committee, Senator Haruna Manu (PDP, Taraba Central).

In his presentation, Senator Manu said the committee carefully examined the borrowing request in line with fiscal responsibility principles and recommended its approval to ensure effective implementation of the 2025 fiscal plan.

It would be recalled that President Tinubu’s letter seeking legislative approval for the fresh ₦1.15 trillion domestic borrowing was read on the Senate floor by Senate President Godswill Akpabio during plenary on November 4.

According to the letter, the proposed borrowing aims to bridge the budget financing gap and guarantee the smooth execution of government programmes and capital projects captured in the 2025 budget.

Following the reading of the letter, Akpabio had referred the request to the Senate Committee on Local and Foreign Debts for further legislative action, with a one-week timeframe to report back to the chamber.

Further details are expected in subsequent reports.