By Citizenship Newspaper
President Bola Ahmed Tinubu has written to the House of Representatives seeking approval for a new ₦1.15 trillion borrowing programme to close the funding gap in the 2025 national budget.
In a letter dated October 31, 2025, and addressed to the Speaker of the House, Rt. Hon. Tajudeen Abbas, the President explained that the increase in the total budget size by the National Assembly created an unfunded deficit of over ₦1.14 trillion beyond the earlier approved borrowing plan.
Tinubu cited Section 44 (1-2) of the Fiscal Responsibility Act, 2007, which mandates legislative approval for all new borrowings by the Federal Government.
He noted that while the National Assembly passed a ₦59.99 trillion budget — an increase of ₦5.25 trillion over the executive’s initial proposal of ₦49.74 trillion — the approved borrowing plan of ₦12.95 trillion left a shortfall.
The President therefore requested parliamentary approval to raise ₦1.15 trillion in the domestic debt market to bridge the deficit and ensure smooth implementation of the 2025 fiscal plan.
Tinubu appealed for urgent consideration and approval of the request, assuring lawmakers of his “highest consideration and personal regards.”
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