President Bola Tinubu has formally written to the Senate of the Federal Republic of Nigeria, requesting approval for a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 national budget.

The letter, read during plenary by Senate President Godswill Akpabio, explains the borrowing is aimed at bridging the funding gap and ensuring full implementation of government programmes and projects outlined in the 2025 fiscal plan.

In the letter, Tinubu notes that under the Fiscal Responsibility Act, 2007 (Section 44(1) & (2)), National Assembly approval is required for all new government borrowings. He states that the National Assembly passed a budget of ₦59.9 trillion—₦5.25 trillion higher than the initial proposal—creating a budget deficit of ₦14 trillion. Of that, borrowing of ₦12.95 trillion was approved, leaving an unfunded shortfall of about ₦1.1 trillion.

Following the reading of the letter, the Senate referred the request to the Senate Committee on Local and Foreign Debt — chaired by Senator Aliyu Wammako (APC, Sokoto North) — directing the committee to report back within one week.