By Chidinma Obiakor
…Refer Tinubu’s N1.15trn Domestic Borrowing Request to Committee for Scrutiny
The House of Representatives, on Wednesday, resolved to refer President Bola Ahmed Tinubu’s request to establish a ₦1.15 trillion borrowing programme from the domestic debt market to the relevant committee for further legislative action.
The communication, titled “Request for the Approval of the National Assembly for a Borrowing Programme to Fund the 2025 Budget Deficit,” dated October 31, 2025, was addressed to the Speaker of the House, Rt. Hon. Abbas Tajudeen.
Presiding over the plenary, the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, explained that the President’s request was prompted by the increase in the total size of the 2025 Appropriation Act as passed by the National Assembly, which created an unfunded deficit gap.
According to the President’s letter, the National Assembly approved a total budget of ₦59.99 trillion an increase of ₦5.25 trillion over the ₦49.74 trillion initially proposed by the Executive.
The adjustment, he noted, resulted in a total budget deficit of ₦14.10 trillion.
However, the borrowing amount originally approved in the budget stood at ₦12.95 trillion, leaving an unfunded deficit of ₦1,147,462,863,321.39 (approximately ₦1.15 trillion).
President Tinubu emphasized that the request complies with Section 44 (1–2) of the Fiscal Responsibility Act (FRA), 2007, which mandates the approval of the National Assembly for all new borrowings by the Federal Government.
In line with its oversight mandate to promote fiscal prudence and transparency, the House referred the request to the Committee on Aids, Loans and Debt Management for detailed scrutiny. The Committee is expected to commence legislative consideration and report back to the House for further legislative action.
The referral underscores the commitment of the House to uphold fiscal responsibility, debt sustainability, and accountability in the implementation of the 2025 Budget.
Meanwhile, during two closed-door sessions held on Wednesday, lawmakers demanded full implementation of the capital component of the 2024 Appropriation Act.
Expressing displeasure over the protest by Indigenous Contractors who blocked the main entrance of the National Assembly complex in Abuja on Tuesday and Wednesday, the lawmakers called for immediate release of funds for completed projects.
They further urged the Executive to ensure prompt commencement of the capital implementation of the 2025 Appropriation Act once approved, to avoid project delays and stalled development initiatives.
Following the deliberations, the House adjourned plenary till Tuesday next week.
