Chukwu Obinna 
ABUJA, Nigeria – President Bola Ahmed Tinubu has requested the approval of the National Assembly to borrow ₦1.15 trillion from the domestic debt market to address funding gaps in the 2025 national budget.
The request was conveyed in a letter read during Tuesday’s Senate plenary. President Tinubu explained that the borrowing is necessary to sustain government operations, support social intervention programmes, and maintain key infrastructure projects already captured in the year’s fiscal plan.
“The additional financing is required to ensure smooth implementation of priority initiatives and to stabilise macroeconomic conditions,” the letter stated.
Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debt, directing the committee to review the proposal and report back within one week.
The borrowing request forms part of the administration’s broader fiscal strategy aimed at balancing national development needs with ongoing economic reforms.
Nigeria’s public debt has expanded significantly in recent years, driven by revenue shortfalls, subsidy reforms, and inflationary pressures.
Critics warn that continued reliance on borrowing—especially from the domestic market—could heighten inflation and crowd out private investment. However, government officials argue that domestic borrowing remains a safer and more flexible option than foreign debt in current global economic conditions.
The Senate committee is expected to consult relevant agencies, including the Debt Management Office and Ministry of Finance, before making recommendations.
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Oluwatobi Adu 
Korede Abdullah 