President Bola Ahmed Tinubu has requested the National Assembly’s approval to raise ₦1.15 trillion from the domestic debt market to address the 2025 budget deficit, despite claiming months ago that the country’s economy is stable as they longer rely on domestic loans.
The request, contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, seeks to bridge the fiscal gap created by the increase in the 2025 budget size. Tinubu cited the provisions of the Fiscal Responsibility Act 2007 and the Executive Order mandating legislative approval for new borrowings.
According to the President, the National Assembly’s approval of a ₦59.9 trillion budget (₦5.25 trillion higher than the executive’s ₦49.74 trillion proposal) resulted in a deficit of ₦14 trillion. He explained that while ₦12.95 trillion had been approved for borrowing, an unfunded deficit of ₦1.1 trillion remained, necessitating the additional ₦1.15 trillion domestic loan request.
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The Senate has referred the proposal to its Committee on Local and Foreign Debt for consideration, with a directive to report back within a week.
This comes barely days after the Senate approved another of Tinubu’s requests; a $2.847 billion external borrowing plan, including a $500 million debut Sovereign Sukuk, aimed at financing the 2025 budget and refinancing maturing Eurobonds.
In May, the President also sought approval for a $21.5 billion external loan for critical infrastructure, health, education, and water projects, alongside a ₦758 billion domestic bond to clear outstanding pension arrears.
According to the Debt Management Office (DMO), Nigeria’s total public debt stock rose to ₦152.40 trillion as of June 30, 2025; a ₦3.01 trillion increase from the ₦149.39 trillion recorded in March.
Below is a video when Tinubu claimed Nigeria’s economy is stable as they no longer rely on domestic loans.
