The House of Representatives has approved President Bola Tinubu’s request to borrow ₦1.150 trillion to fund the 2025 budget deficit.
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The approval followed the adoption of a report presented by the House Committee on Aids, Loans and Debt Management, led by Hon. Abubakar Hassan Nalaraba, during Wednesday’s plenary.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
According to the report, the borrowing will be sourced from the domestic debt market to bridge the funding gap created by an increase in the national budget beyond earlier approved revenue and borrowing plans.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The committee urged the House to endorse the ₦1.150 trillion domestic borrowing programme to cover the unfunded portion of the 2025 budget.
Tinubu had earlier written to the National Assembly seeking approval to raise the funds. In the letter addressed to Speaker Abbas Tajudeen and read by Deputy Speaker Benjamin Kalu, the president explained that the loan would help stabilize budget execution and ensure the smooth implementation of fiscal priorities.
With the House’s approval, the federal government is now set to proceed with the domestic borrowing process to address the budget deficit.
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