2025 Budget Deficit: Tinubu Writes Reps, Seeks Another Approval To Borrow N1.150Trn

By Alkassim Balarabe Tsakuwa, Abuja

President Bola Ahmed Tinubu has written to the House of Representatives seeking its approval to borrow N1.50 trillion from internal sources to fund 2025 budget deficit.

It could be recalled that, the President had three weeks earlier sought the approval of the House to raise over $2.3 billion from external sources.

The President informed that, the external borrowing was for part-financing of the 2025 budget deficit, refinancing Nigeria’s maturing Eurobonds and Sukuk from the international capital market.

In the letter dated 31st October, 2025 addressed to the Speaker, Abbas Tajuddeen read on the floor of the House by the Deputy Speaker, Hon. Benjamin Kalu who presided over the Plenary on Wednesday, the President said the borrowing became necessary to close the existing deficit gap.

The letter was titled, “REQUEST FOR THE APPROVAL OF THE NATIONAL ASSEMBLY FOR A BORROWING PROGRAMME TO FUND 2025 BUDGET DEFICIT”.

It reads, “I write to kindly request for the approval of the National Assembly (NASS) to establish a One Trillion. One Hundred and Fifty Billion Naira (N1.150 trillion) borrowing Programme in the domestic debt market to close the unfunded deficit gap created by the increase in the budget size, over and above the prior approved revenue and borrowing plans.

“This request is pursuant to the provisions of Section 44(1-2) of the Fiscal Responsibility Act (FRA), 2007, which requires the approval of the NASS for all New Borrowings by the Federal Government of Nigeria (FGN).

“The Right Honourable Speaker of the House of Representatives may wish to note that National Assembly passed a budget of N59.99 Trillion, an increase of N5.25 Trillion from the 49.74 Trillion budget proposed by the Executive. This increase created a budget deficit of N14.10 Trillion.

“However, the proposed borrowing approved in the budget was N12.95 Trillion, which occasioned an unfunded deficit of N1,147,462,863.321.39 Trillion. It is, therefore, necessary to increase the domestic borrowing limit in the 2025 budget by N1,147,462,863,321.39 to close this gap.

“Based on the foregoing. I wish to request for the approval of the House of Representatives for the establishment of a One Trillion, One Hundred and Fifty Billion Naira (N1.15.00 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.

“While I look forward to the timely approval of the House of Representatives, please accept, Rt. Honourable Speaker, the assurances of my consideration personal regards”.

After the letter was read, a motion was moved for its adoption and referred to the House Committee on Aids, Loans and Debt Management.

The House later adjourned Plenary to Thursday next week.