President Bola Tinubu has asked the National Assembly to authorise an additional ₦1.15 trillion borrowing from the domestic debt market to bridge the funding shortfall in the 2025 budget.
The request was read on the floor of the House of Representatives on Wednesday by Speaker Abbas Tajudeen, who said the proposal aims to cover the ₦1.15 trillion deficit that emerged after lawmakers increased the budget size to ₦59.99 trillion — ₦5.25 trillion higher than the executive’s original proposal.
Tinubu noted that the Fiscal Responsibility Act (FRA) 2007 mandates legislative approval for all new borrowings by the federal government.
He said the approved borrowing ceiling of ₦12.95 trillion was no longer sufficient, and that the new facility would ensure full financing of the revised budget.
