President Bola Tinubu has formally requested the House of Representatives’ approval to raise N1.15 trillion from external and domestic sources to finance a portion of the 2025 budget deficit and to refinance maturing obligations, official correspondences show.
The executive argued that the loan would shore up fiscal space, preserve critical projects under the Renewed Hope Agenda and stabilise macroeconomic management, while the National Assembly indicated it will subject the request to rigorous scrutiny and attach conditions safeguarding transparency and debt sustainability.
Fiscal policy experts urged the legislature to demand clear disbursement plans, cost-benefit analyses and repayment strategies to ensure the borrowing supports productive investment rather than recurrent spending. The House committee on Finance said hearings with the Finance Ministry and Debt Management Office would commence immediately.
