President Tinubu Writes Reps, Seeks N1.15tr Borrowing Approval To Fund 2025 Budget Deficit

President Bola Ahmed Tinubu has written to the House of Representatives requesting approval for a ₦1.15 trillion borrowing programme to cover the 2025 budget deficit.

In a letter addressed to Speaker Tajudeen Abbas dated October 31, 2025, the President explained the request became necessary to bridge the unfunded deficit arising from an increase in the total budget size by the National Assembly.

The letter was read during plenary on Wednesday by the Deputy Speaker, Rt Hon Benjamin Okezie, who presided.

Tinubu noted that while the National Assembly passed a ₦59.99 trillion budget, an increase of ₦5.25 trillion from the ₦54.74 trillion earlier proposed by the Executive, this adjustment created a budget deficit of ₦14.10 trillion.

However, the borrowing plan approved in the budget amounted to ₦12.95 trillion, leaving an unfunded gap of ₦1.15 trillion.

“In view of the foregoing, it is necessary to increase the domestic borrowing limit in the 2025 budget by ₦1,147,462,863,321.39 to close this gap,” the President wrote.

The President’s request, which was made in line with Section 44 (1–2) of the Fiscal Responsibility Act, 2007, seeks the National Assembly’s approval to establish the borrowing programme in the domestic debt market.

Tinubu expressed confidence in the lawmakers’ prompt consideration of the request, assuring them of his “highest consideration and personal regards.”

The letter was referred to the Committee on Aids, Loans and Budget Management for further legislative action.