By George Ozalla
The National Assembly is set to approve a fresh N1.15 trillion loan request by President Bola Ahmed Tinubu to finance the deficit in the 2025 budget. The President’s request was contained in a letter read by Senate President Godswill Akpabio during plenary, stating that the borrowing became necessary following adjustments in the budget size beyond the initial revenue and borrowing projections.
According to the President, the loan is intended to cover a shortfall created by the expansion of the 2025 budget from N49.74 trillion to N59.9 trillion, which made the earlier borrowing plan of N12.95 trillion insufficient to meet expenditure targets.
The proposed borrowing, which is part of the government’s wider fiscal strategy, will be sourced locally to support critical infrastructure and social investment programmes across the country. Lawmakers are expected to give their nod in the coming days after considering the fiscal implications and alignment with the Medium-Term Expenditure Framework.
As of March 2025, Nigeria’s total public debt stood at N149.39 trillion, comprising N78.76 trillion in domestic debt and N70.63 trillion in external borrowings.
