ENUGU, Nigeria (VOICE OF NAIJA)- President Bola Ahmed Tinubu has written to the House of Representatives seeking approval for a borrowing programme of N1.15 trillion to finance the 2025 budget deficit.
In a letter dated October 31, 2025, and addressed to Speaker Tajudeen Abbas, the President explained that the borrowing became necessary to bridge the unfunded deficit resulting 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 over the session.
Tinubu stated that while the National Assembly passed a N59.99 trillion budget an increase of N5.25 trillion from the N54.74 trillion originally proposed by the Executive the adjustment created a budget deficit of N14.10 trillion.
However, the President noted that the borrowing plan approved in the budget stood at 12.95 trillion, leaving an unfunded gap of N1.15 trillion.
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“In view of the foregoing, it is necessary to increase the domestic borrowing limit in the 2025 budget by N1,147,462,863,321.39 to close this gap,” the President wrote.
Tinubu’s request was made in line with Section 44 (1–2) of the Fiscal Responsibility Act, 2007, which empowers the Federal Government to seek National Assembly approval for additional borrowing to finance budgetary shortfalls.
He explained that the proposed borrowing would be raised from the domestic debt market and would serve to maintain fiscal balance while sustaining government operations under the expanded budget framework.
The President expressed confidence in the lawmakers’ prompt consideration of his request, assuring them of his “highest consideration and personal regards.”
The House subsequently referred the letter to the Committee on Aids, Loans, and Budget Management for further legislative action.