The House of Representatives has granted approval for President Bola Tinubu to borrow N1.15 trillion from the domestic market to support financing of the 2025 federal budget.
The decision was made on Wednesday following the adoption of a report by the House Committee on Aids, Loans and Debt Management, chaired by Honourable Abubakar Hassan Nalaraba, during a session presided over by Deputy Speaker Benjamin Kalu.
Nalaraba explained that the proposed borrowing is part of the Domestic Debt Market Programme and is intended to bridge the budget deficit for 2025.
The borrowing became necessary following an upward revision of the 2025 budget to N59.99 trillion, reflecting a N5.25 trillion increase over the original proposal by the Executive.
Beyond domestic borrowing, the House also approved the refinancing of a $1.12 billion Eurobond set to mature in November 2025.
Lawmakers further authorised raising $2.35 billion in external capital through a combination of Eurobonds, syndicated loans, bridge financing, or direct borrowing from international financial institutions.
According to the House, these measures are critical to safeguard fiscal stability and ensure the timely funding of key national projects outlined in the 2025 fiscal framework.
