House Approves Tinubu's ₦1.15 Trillion Borrowing Request to Bridge 2025 Budget Deficit

Still from the Green Chambers, the House of Representatives has given the green light to President Bola Tinubu's request to borrow ₦1.15 trillion to address the funding shortfall in the 2025 national budget.

This approval comes after the House Committee on Aids, Loans and Debt Management presented its report, highlighting the need to bridge the deficit gap created by the increased budget size.

The president's request, conveyed in a letter to the Speaker of the House, Tajudeen Abbas, cited the necessity of additional borrowing to balance the 2025 budget, aligning with the Fiscal Responsibility Act (FRA) of 2007.

The National Assembly had earlier passed a ₦59.99 trillion budget, a ₦5.25 trillion increase from the initial proposal, resulting in a widened deficit of ₦14.10 trillion.

The Senate has also approved the request, with the borrowing intended to support government operations, social intervention programs, and key infrastructure projects.

However, critics warn that continued reliance on borrowing could exacerbate inflation and crowd out private investment.

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