Gloria Essien, Abuja
President Bola Ahmed Tinubu has written to the House of Representatives, seeking the National Assembly’s approval to establish a ₦1.15 trillion domestic borrowing programme aimed at bridging the unfunded deficit in the 2025 budget.
The request, which was read on the floor of the House by the Deputy Speaker, Mr Benjamin Kalu, is in line with Section 44(1–2) of the Fiscal Responsibility Act (FRA), 2007, which mandates National Assembly approval for all new borrowings by the Nigerian government.
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In his letter, President Tinubu explained that the total borrowing approved in the 2025 budget stood at ₦12.95 trillion, leaving an unfunded deficit of ₦1.147 trillion due to the increase in the overall budget size beyond previously approved revenue and borrowing plans.
“It is, therefore, necessary to increase the domestic borrowing limit in the 2025 budget by ₦1,147,462,863,321.39 to close this gap,” the President stated.
“Based on the foregoing, I wish to request the approval of the House of Representatives for the establishment of a One Trillion, One Hundred and Fifty Billion Naira (₦1.15 trillion) borrowing programme in the domestic debt market to close the unfunded 2025 budget deficit gap. A specimen of the approval required for this purpose is attached as Annexure II,” the letter read.
President Tinubu expressed confidence in the lawmakers’ timely consideration of the request, concluding, “While I look forward to the timely approval of the House of Representatives, please accept, Rt. Honourable Speaker, the assurances of my highest consideration and personal regards.”