President Bola Tinubu has sought the approval of the Senate to borrow N1.15tn from the domestic debt market to finance part of the deficit in the 2025 national budget.
The request, contained in a letter read during plenary by Senate President Godswill Akpabio, is the latest in a series of borrowing plans presented by the executive to sustain government programmes amid tightening fiscal space.
According to the President, the fresh borrowing would “bridge the funding gap and ensure the full implementation of government programmes and projects” under the 2025 fiscal plan.
Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further legislative consideration, directing it to report back within one week for subsequent action.
The development comes barely five days after the Senate approved another of Tinubu’s requests a $2.847bn external borrowing plan, including a $500m debut Sovereign Sukuk, aimed at financing the 2025 budget deficit and refinancing Nigeria’s maturing Eurobonds.
The earlier approval followed the presentation of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Wamakko Magatarkada Aliyu (APC, Sokoto North).
According to the committee, $2.347bn would be sourced from the international capital market, while the remaining $500m would come from Sukuk bonds to fund key infrastructure projects nationwide.
The Senate’s endorsement of the new borrowing plan comes amid growing public concern over Nigeria’s ballooning debt profile, which, according to the Debt Management Office, had surpassed N97tn by mid-2025.
While critics warn that the trend could push the economy toward unsustainable debt levels, government officials and lawmakers argue that strategic borrowing remains essential to sustaining growth, financing infrastructure, and maintaining investor confidence.
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