House Approves Tinubu’s N1.150trn Borrowing Plan

The House of Representatives has approved President Bola Tinubu’s new borrowing plan of N1.150 trillion from the domestic market.

Tinubu had, in a letter transmitted to the Speaker, noted that the “National Assembly passed a budget of N59.99 trillion, an increase of N5.25 trillion from the N49.74 trillion budget proposed by the Executive.”

The increase, he said, created a budget deficit of N14.10 trillion.

Tinubu’s request was approved by the green chamber on Wednesday during the consideration of the recommendations of the House Committee on Aids, Loans and Debts Management.

While giving the breakdown of the report, the Chairman of the committee, Hon. Abubakar  Nalaraba, called for the support of his colleagues to ensure approval of the president’s request.

He stressed that the borrowing plan programme in the domestic debt market to close the unfunded 2025 budget deficit gap created by the increase in the budget size, over and above the prior approved revenue and borrowing plans.

The House had during the plenary held on October 29, 2025 approved President Tinubu’s request to implement the New External Borrowing of N1,843,669,786,987.16 (equivalent of $1,229,113,000 at the Budget Exchange rate of $1.00/N1,500) provided as new external borrowing in the 2025 Appropriation Act, to part-finance the budget deficit of N9,276,348,934,935.79.

The lawmakers during the Committee on Supply also approved the request to refinance the $1,118,352,000 Eurobonds (7.625% $1.118 billion November 2025) maturing on November 21, 2025.

The House also approved the request to access aggregate external capital of $2,347,465,000 ($1.229 billion and $1.118 billion), through any of the following option(s) in the International Capital Market (ICM): Issuance of Eurobonds, loan syndications, Bridge Finance Facility from Bookrunners and Direct Borrowing from international financial institutions.