Senate Backs Tinubu’s N1.15 Trillion Home Loan to Plug 2025 Budget Shortfall

Nigeria’s upper house of parliament has given the green light to President Bola Tinubu’s call for a N1.15 trillion loan from local lenders. The cash will fill the gap in next year’s spending plan.

Lawmakers passed the measure on Wednesday after backing a review from the committee on home and overseas debts. The group pointed out that the 2025 spending bill sets aside N59.99 trillion in total outlays. That marks a jump of N5.25 trillion from the original N54.74 trillion put forward by the executive team. The extra costs led to an overall shortfall of N14.10 trillion. Out of that, N12.95 trillion has already cleared for loans, leaving about N1.15 trillion uncovered.

The president made the fresh ask on 4 November. He explained that the money would close the hole and allow full rollout of key government schemes and builds lined up for 2025.

In a linked step, the chamber agreed to a call from Senator Abdul Ningi. It tasks the spending oversight panel with closer checks to make sure the borrowed sum goes only to the planned uses and nothing else.