The House of Representatives has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic market to help finance the 2025 budget.
The approval came on Wednesday following the adoption of a report by the House Committee on Aids, Loans and Debt Management, chaired by Honourable Abubakar Hassan Nalaraba, during a session presided over by Deputy Speaker Benjamin Kalu.
Nalaraba explained that the new borrowing forms part of the Domestic Debt Market Programme and is aimed at bridging the 2025 budget deficit. The adjustment follows an upward review of the budget size to ₦59.99 trillion — a ₦5.25 trillion increase from the Executive’s original proposal.
In addition to the domestic borrowing, the House also approved the refinancing of a $1.12 billion Eurobond maturing in November 2025. Lawmakers further granted approval to raise $2.35 billion in external capital through Eurobonds, syndicated loans, bridge financing, or direct borrowing from international financial institutions.
According to the House, these measures are necessary to maintain fiscal stability and ensure the effective funding of critical national projects under the 2025 fiscal framework.
Melissa Enoch
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