News Update
President Bola Tinubu has written the Senate, seeking for a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.
The President’s request was conveyed in a letter read yesterday by the President of the Senate, Senator Godswill Akpabio.
According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan, adding that the request for the approval of the National Assembly fborder on programme to fund the 2025 budget deficit.
The letter read, “I write to kindly request for the approval of the National Assembly to establish a N1,150,000,000 N1,150,000,000 bordering program in the domestic debt market to close the unfunded deficit gap created by the increase in the budget size over and above the prior approved revenue and bordering plans.
“This request is pursuant to the provisions of Section 44, Subsection 1 to 2 of the Fiscal Responsibility Act, FRA, of 2007, which requires the approval of the National Assembly for all new borderings by the Federal Government of Nigeria. The distinguished President of the Senate may wish to note that the National Assembly passed a budget of N59.9 trillion, an increase of N5.25 trillion from the N49.74 trillion budget proposal by the Executive.
“This increase created a budget deficit of N14 trillion.
However, the proposed bordering approved in the budget was N12.95 trillion, which occasioned an unfunded deficit of N1.1 trillion. It is therefore necessary to increase the domestic bordering limit in the 2025 budget by N1.147 trillion to close this gap.
“Based on the foregoing, I wish to request for the approval of the Senate for the establishment of a N1,150,000,000 Naira bordering program in the domestic debt market to close the unfunded 2025 budget deficit gap. A specimen of the approval required for this purpose is attached as an extra tool. While I look forward to the timely approval of the Senate, please accept, Distinguished Senate President, Distinguished Senators, the assurances of my highest consideration and personal regards.”
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Akpabio thereafter referred the request to the Senator Aliyu Wammako, APC, Sokoto North led Senate Committee on Local and Foreign Debt to report back within one week for further legislative action.