THUR NOV 13 2025-theGBJournal| The Nigerian Senate and the Federal House of Representatives on Wednesday gave the green light to President Bola Tinubu’s request to raise an additional N1.15 trillion through domestic borrowing to plug the funding shortfall in the 2025 Appropriation Act.
The approval followed the consideration and adoption of the report of the Senate Committee on Local and Foreign Debts, which reviewed the financial implications of the increased budget size and identified a resultant deficit.
Before the approval was granted in the Senate, the Deputy Chairman of Senate Committee on Local and Foreign Debts, Senator Manu Haruna, explained that the National Assembly had passed a N59.99 trillion budget, exceeding the executive’s original proposal of N54.74 trillion.
Subsequently, the committee recommended that the Federal Ministry of Finance and the Debt Management Office (DMO) should undertake the borrowing strictly within approved fiscal parameters and in line with the Fiscal Responsibility Act.
Similarly, the Senate gave the nod to proposal to raise the capital base of Nigerian Export-Import Bank (NEXIM) to N1 trillion, establishment of an Export Development Trust Fund, and creation of a special tribunal to resolve insurance disputes.
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