Aderkoya Samson,
Abuja, FCT – November 5, 2025:
The House of Representatives has received a formal request from President Bola Ahmed Tinubu, GCFR, seeking legislative approval to raise ₦1.15 trillion through the domestic debt market to finance part of the 2025 budget deficit.
The President’s request, contained in a letter dated October 31, 2025, was read during Wednesday’s plenary session by the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, PhD, CFR, who presided over the sitting in the absence of the Speaker, Rt. Hon. Abbas Tajudeen, GCON.
According to the communication titled “Request for the Approval of the National Assembly for a Borrowing Programme to Fund the 2025 Budget Deficit,” the borrowing plan became necessary following an increase in the overall size of the 2025 Appropriation Act as passed by the National Assembly.
President Tinubu explained that while the Executive initially proposed a total budget of ₦49.74 trillion, lawmakers increased it to ₦59.99 trillion, representing an additional ₦5.25 trillion. This adjustment, he noted, created a total deficit of ₦14.10 trillion, out of which ₦12.95 trillion had already been approved for borrowing—leaving an unfunded gap of approximately ₦1.15 trillion.
The President emphasized that the request aligns with Section 44 (1–2) of the Fiscal Responsibility Act (FRA), 2007, which mandates National Assembly approval for all new government borrowings.
In line with its oversight responsibilities, the House of Representatives has referred the request to the Committee on Aids, Loans and Debt Management for detailed consideration. The committee is expected to review the proposal and present its findings and recommendations to the House for further legislative action.
House Spokesman, Rep. Akin Rotimi, mnipr, said the referral underscores the House’s commitment to ensuring fiscal prudence, debt sustainability, and accountability in managing Nigeria’s public finances and the effective implementation of the 2025 Budget.
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