The Senate on Wednesday approved the request of President Bola Tinubu to raise N1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.
This comes after the adoption of a report by the Senate Committee on Local and Foreign Debt at plenary.
According to the committee, the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 trillion over the N54.74 trillion initially proposed by the Executive.
The expansion created a total budget deficit of N14.10 trillion.
Of this, N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of approximately N1.15 trillion (N1,147,462,863,321).
