The House of Representatives has referred President Tinubu’s domestic loan request of N1.15 trillion to relevant committees
President Bola Tinubu has written to the House of Representatives seeking approval to establish a ₦1.15 trillion domestic borrowing programme to fund the deficit in the 2025 national budget.
In a letter dated October 31, 2025, and addressed to the Speaker of the House of Representatives, Rep. Tajudeen Abbas, and read by the Deputy Speaker, Benjamin Kalu, who presided over Wednesday’s plenary, the president explained that the borrowing request was necessitated by an increase in the budget size approved by the National Assembly beyond the initial proposal submitted by the Executive.
According to the letter titled “Request for the Approval of the National Assembly for a Borrowing Programme to Fund 2025 Budget Deficit”, Tinubu stated that the move was in line with Section 44 (1-2) of the Fiscal Responsibility Act (FRA) 2007, which mandates legislative approval for all new borrowings by the Federal Government.
He noted that while the Executive had proposed a ₦49.74 trillion budget, the National Assembly passed an expanded budget of ₦59.99 trillion, representing an increase of ₦5.25 trillion.
“The increase created a budget deficit of ₦14.10 trillion. However, the proposed borrowing approved in the budget was ₦12.95 trillion, which occasioned an unfunded deficit of ₦1.15 trillion,” the President explained.
Tinubu emphasized the need to adjust the borrowing plan to accommodate the shortfall and ensure smooth budget implementation.
“It is, therefore, necessary to increase the domestic borrowing limit in the 2025 budget by ₦1.15 trillion to close this gap,” he wrote.
The president further appealed to the lawmakers for a timely approval of the borrowing plan to sustain government operations and developmental projects.
“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 borrowing programme in the domestic debt market to close the unfunded 2025 budget deficit gap,” the letter read.
In line with its oversight mandate to promote fiscal prudence and transparency, the House referred the request to the Committee on Aids, Loans and Debt Management for detailed scrutiny. The Committee is expected to commence legislative consideration and report back to the House for further legislative action.
Meanwhile, during two closed-door sessions held on Wednesday, lawmakers demanded full implementation of the capital component of the 2024 Appropriation Act.
Expressing displeasure over the protest by indigenous contractors who blocked the main entrance of the National Assembly complex in Abuja on Tuesday and Wednesday, the lawmakers called for immediate release of funds for completed projects.
They further urged the Executive to ensure prompt commencement of the capital implementation of the 2025 Appropriation Act once approved, to avoid project delays and stalled development initiatives.
Following the deliberations, the House adjourned plenary till Tuesday next week.
