President Bola Tinubu has asked the House of Representatives to approve a ₦1.15 trillion domestic loan.
He said the borrowing will cover the funding gap in the 2025 national budget.
President Bola Tinubu has requested approval from the House of Representatives to borrow ₦1.15 trillion from the domestic debt market to finance the deficit in the 2025 national budget.
The request was read on the floor of the House by Deputy Speaker Benjamin Kalu after a closed-door executive session that lasted more than two hours. Lawmakers had reconvened for plenary on Wednesday following Tuesday’s adjournment, which was prompted by a protest from indigenous contractors over unpaid fees.
After the day’s opening formalities, members again held a private meeting that lasted roughly two and a half hours before the president’s letter was officially presented.
According to the communication, the National Assembly’s recent upward review of the 2025 budget to ₦59.99 trillion created an additional funding gap of ₦1.15 trillion. The president explained that the proposed borrowing is necessary to bridge this shortfall and keep the fiscal plan in line with the Fiscal Responsibility Act.
The letter emphasized that the additional funds would be sourced domestically to avoid placing pressure on Nigeria’s foreign reserves and to support stability in the local financial market.
Following the reading of the letter, the House referred the request to the Committee on Aids, Loans and Debt Management for further legislative scrutiny. The committee is expected to examine the proposal and present its findings and recommendations before final approval.
The plenary session was later adjourned until next Tuesday, with lawmakers expected to continue discussions on the borrowing plan and other pending fiscal matters.
