Both the Senate and the House of Representatives approved the President’s request to raise N1.15tn from the domestic debt market to finance the remaining shortfall in the 2025 national budget.

At the Senate, the approval followed the consideration and adoption of a report presented by the Senate Committee on Local and Foreign Debt during plenary.

The committee, chaired by Senator Wamakko Magatarkada Aliyu (APC, Sokoto North), explained that the 2025 Appropriation Act provides for total expenditure of N59.99tn — an increase of N5.25tn from the initial N54.74tn proposed by the Executive.

This expansion, the committee said, created a total budget deficit of N14.10tn, out of which N12.95tn had already been approved for borrowing. The newly approved N1.15tn, representing the unfunded portion, will now complete the government’s deficit financing plan for the fiscal year.

Tinubu, in a letter read on the Senate floor last week, had sought legislative approval to borrow the additional N1.15tn, saying the facility was necessary “to bridge the funding gap and ensure the full implementation of government programmes and projects under the 2025 fiscal plan.”

In adopting the report, the Senate also approved a motion sponsored by Senator Abdul Ningi (PDP, Bauchi Central), mandating the Committee on Appropriations to intensify oversight to ensure that the borrowed funds are strictly applied to the purposes outlined in the budget.

The approval marks the latest in a series of borrowing measures by the Tinubu administration to sustain budget implementation amid shrinking fiscal space. Two weeks ago, the upper chamber endorsed another presidential request for an external borrowing package worth $2.847bn — including a debut $500m Sovereign Sukuk — to fund key infrastructure projects and refinance maturing Eurobonds.

According to the Senate Committee on Local and Foreign Debt, $2.347bn of that amount will be raised from the international capital market, while the remaining $500m will come through Sukuk bonds to support the 2025 fiscal framework.

Presenting that report, Senator Wamakko had justified the borrowing as “essential for Nigeria’s economic stability and to ensure that the country meets its 2025 funding needs without derailing ongoing fiscal commitments.”

The Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), similarly argued that legislative approval for the domestic loan was “very necessary so that the 2025 appropriation will be given the necessary funding.”

Corroborating this view, the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru (APC, Lagos East), explained that the borrowing would not worsen Nigeria’s debt profile since it had already been captured as part of the 2025 deficit financing.

“This is more of a compliance issue because the 2025 Appropriation Act has already captured it as part of the deficit financing. The second request is a refinancing arrangement to ensure that the country does not default in Eurobond servicing,” Abiru said.

Also contributing, Chairman of the Senate Committee on Interior, Senator Adams Oshiomhole (APC, Edo North), defended the administration’s borrowing approach, stressing that “there’s nothing wrong with borrowing if it is properly structured and used to address critical issues like unemployment and infrastructural decay.”

The Senate’s latest approval comes amid mounting public concern over Nigeria’s rising debt profile, which the Debt Management Office pegged at over N152.40tn as of mid-2025.

While critics warn that continued borrowing could push the country toward unsustainable debt levels, government officials and lawmakers insist that strategic loans remain vital for financing infrastructure, sustaining growth, and maintaining investor confidence.

Similarly, the House of Representatives approved Tinubu’s request to borrow N1.15tn to finance the 2025 budget deficit arising from the recent increase in the national budget size beyond earlier approved revenue and borrowing projections.

The approval followed the consideration and adoption of the report of the House Committee on Aids, Loans, and Debt Management during plenary on Wednesday.

Presenting the report, the Committee Chairman, Abubakar Nalaraba (APC, Nasarawa), urged the House in the Committee of Supply to approve “the sum of N1.15tn as a borrowing programme 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 borrowing plans.”

Tinubu had earlier made the request in a letter addressed to the Speaker of the House, Tajudeen Abbas, and read on the floor last week by Deputy Speaker Benjamin Kalu, who presided in the Speaker’s absence. The President, in the letter, explained that the additional borrowing was necessary to balance the 2025 budget in line with the Fiscal Responsibility Act (FRA), 2007.

“I write to kindly request the approval of the National Assembly to establish a N1.15tn borrowing programme in the domestic debt market to close the unfunded deficit gap created by the increase in the budget size,” Tinubu stated.

He noted that the National Assembly had passed a N59.99tn budget — an upward review of N5.25tn from the N54.74tn proposal initially submitted by the Executive — thereby widening the deficit to N14.10tn.

“However, the borrowing provision approved in the budget was N12.95tn, leaving an unfunded deficit of N1,147,462,863,321.39. It is, therefore, necessary to increase the domestic borrowing limit in the 2025 budget by this amount to close the gap,” the letter added.

Citing Sections 44(1) and (2) of the Fiscal Responsibility Act, 2007, Tinubu stressed that all new borrowings by the Federal Government require the approval of the National Assembly.

Following deliberations, the House granted the request, paving the way for the Federal Government to raise the additional N1.15tn from the domestic debt market.

The PUNCH had exclusively reported on Wednesday that lawmakers failed to consider a single item on Tuesday’s Order Paper, expressing displeasure over the poor implementation of the capital components of the 2025 budget. As a result, no plenary was held on Tuesday.

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Former President Olusegun Obasanjo on Wednesday urged Oyo State Governor Seyi Makinde not to be discouraged by criticisms of his administration, saying those who abuse leaders today often return to praise them later.

Obasanjo made the remarks while joining Makinde to inaugurate the new Ibadan Central Bus Terminal at Iwo Road, a facility comprising two mega bus stations with waiting halls, ticket spaces, eateries, public conveniences, open vehicular parking, a power-generating house, water reservoir, elevators, and escalators.

Describing Makinde as an Omoluabi, Obasanjo advised him to remain focused on ongoing developmental efforts, asserting, “Those abusing you today would praise you tomorrow. I was also abused too, and they have come back today to praise me. That is how it is.”

He praised the governor for making Ibadan livable through people-centered projects and noted that the construction of the terminals at Ojoo, Challenge, and Iwo Road would ease movement for residents. Obasanjo said the developments in Ibadan benefit the wider South-West region.

He added, “Makinde, you have done so well. You are making Ibadan livable and you have been trying to make everyone living in Ibadan and the state comfortable. Ibadan, in population, is the third largest city in Nigeria but in land area, it is the largest.

So, to move from point A to B in Ibadan is longer than moving from point A to B in the other two cities said to be larger than Ibadan in population—Lagos and Kano. If you are going to make it convenient for people to live and trade in Ibadan, there must be availability of transportation, and that is what these bus terminals are meant for.”

Obasanjo also commended Makinde personally, saying, “You invited me three days ago to this event; I didn’t hesitate. I came here because you are an Omoluabi. Before anyone can invite me to an event three days to the time, he must be someone I hold in high esteem. For you, if you call me a day to the event, I will come. You resemble me in a lot of ways. When people tell me Makinde is doing this infrastructure and all that, I always tell them why won’t he do it? He is an engineer; a professional engineer, who knows how to fix things. But you have added another feather to the cap, you are now also into political engineering.”

He urged residents and Nigerians who would use the facility to ensure it is well maintained.

Earlier, Governor Makinde said his administration had built four modern bus terminals, including Challenge, Ojoo, New Ife Road, and Iwo Road, to ease city transportation challenges. He described the completion of the Ibadan Central Bus Terminal as a demonstration of his government’s commitment to modernising the state.

Makinde said, “Unlike my critics, who love to blow their trumpets, I have been quietly executing development projects in the state. The dual carriageway from Iwo Road to Adegbayi has eased transportation pressure on the axis, and we have applied to the Federal Government to extend the project to the state boundary at Asejire.”

He added, “With this commissioning, we have completed all four modern terminals in Ibadan. The next administration would do for our other cities, including Ogbomoso, Saki, Iseyin, Ibarapa, and Oyo. Why did I talk about the next administration? I only have 18 months to go. We projected a 12-month completion for the project, but as you all know, a global pandemic, supply disruptions, and other realities slowed us down. Today, the cycle is basically done, and it is a celebration of our determination. What we are witnessing today is proof that promises made can indeed become promises kept.”

The Leader of the Senate, Opeyemi Bamidele, on Wednesday dismissed claims suggesting any move to impeach Senate President Godswill Akpabio, describing such reports as unfounded and capable of sowing confusion within the upper chamber.

Bamidele’s clarification followed comments by former Chief Whip of the Senate, Orji Uzor Kalu (Abia North), who on Tuesday revealed that there had been past, though unsuccessful, attempts by some senators to unseat Akpabio.

Kalu, while speaking with journalists at the National Assembly, had said that efforts to destabilise the Senate leadership failed after key members intervened to preserve unity in the chamber.

He urged lawmakers to focus on legislative stability and national cohesion rather than political scheming.

However, addressing the issue during plenary, Bamidele made it clear that there was never any plan or discussion among senators to remove the Senate President.

“There was no attempt by any of our colleagues, nor any discussion on the possibility of removing the Senate President. We are totally united and have adopted a zero-tolerance policy for distractions because there are urgent matters of national importance demanding our attention. Reports like that are meant to create confusion,” Bamidele said.

“The Senate is stable. There is no crisis, no plan to remove anyone. Our attention is on issues that directly affect Nigerians.”

Bamidele’s rebuttal comes less than 24 hours after Kalu told journalists that some lawmakers had previously attempted to remove Akpabio but were prevailed upon to drop the plan.

“Though there were attempts, we didn’t allow that to happen. That is why I always say we are one big family, and it is not going to happen,” Kalu said.

The former Abia State governor maintained that the Senate’s priority is to support President Bola Ahmed Tinubu in addressing Nigeria’s economic challenges through people-centered legislation.

“Whatever the problem is, the Senate is more interested in making laws that will help President Tinubu overcome the economic difficulties our people are going through.

“We are more interested in the people. The legislations we are making are pro-people, and we are focused on ensuring Nigerians can eat three times a day,” he added.

The latest controversy revives memories of October 2024, when speculation of a northern senators’ plot to unseat Akpabio forced the chamber to pass a vote of confidence in his leadership.

At the time, Senator Yahaya Abdullahi (Kebbi North) distanced the Northern Senators’ Forum from any such plan, warning that “those pushing such narratives were undermining the progress of our democracy.”

Since his emergence as Senate President in June 2023,  Akpabio has weathered an unending storm of intrigue, discontent, and veiled plots to oust him from office.

Barely two months after his inauguration, rumours surfaced of an impeachment plot. Some lawmakers accused Akpabio of running the Senate as an appendage of the executive, alleging he was too subservient to the Presidency.

Though he dismissed the claims as politically motivated, the incident exposed the early cracks within the 10th Assembly.

By October 2024, the chamber was again awash with reports that the Department of State Services had taken over the National Assembly Complex to prevent Akpabio’s removal, a claim he branded as “fake news.”

Yet, even after the Senate’s media office issued denials, whispers of rebellion persisted.

Tension peaked in July 2025 when Akpabio reportedly clashed with Senate Leader Opeyemi Bamidele during a closed-door session over the unilateral announcement of the Senate’s annual recess.

Sources said the disagreement reflected a deeper unease among lawmakers over Akpabio’s leadership style.

Though Senate spokesman Yemi Adaramodu dismissed the report as “baseless and misleading,” insiders confirmed that tempers indeed flared during the session.

The July incident was not the first time Akpabio and Bamidele were rumoured to have disagreed.

Similar reports had surfaced in November 2024 about a near-physical confrontation between both men—claims swiftly denied by Bamidele’s office.

At the core of the persistent friction lies a struggle for influence, regional balance, and legislative autonomy.

Akpabio’s closeness to President Bola Tinubu has earned him both loyalty and suspicion. To his supporters, it represents needed harmony between the executive and legislature; to his critics, it is proof of overreach by the presidency.

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