The House of Representatives on Wednesday received a request from President Bola Ahmed Tinubu seeking approval to raise N1.15 trillion from the domestic debt market to finance part of the deficit in the 2025 Appropriation Act.

The request, conveyed in a letter dated October 31, 2025, and read on the floor of the House by Deputy Speaker Benjamin Okezie Kalu, noted that the borrowing had become necessary due to the upward review of the budget by the National Assembly during passage.
The National Assembly had increased the total size of the 2025 budget from the N49.74 trillion proposed by the Executive to N59.99 trillion, resulting in a total deficit of N14.10 trillion.

However, only N12.95 trillion was initially provided for borrowing, leaving an unfunded gap of about N1.15 trillion.
Tinubu explained that the request was in accordance with Section 44 (1–2) of the Fiscal Responsibility Act, 2007, which requires legislative approval for any new borrowing by the Federal Government.

“The Rt Honourable Speaker of the House of Representatives may wish to note that the National Assembly passed a budget of N59.99 trillion, an increase of N5.25 trillion from the N49.74 trillion budget proposed by the Executive.
“This increase created a budget deficit of N14.10 trillion. However, the proposed borrowing approved in the budget was N12.95 trillion, which occasioned an unfunded deficit of N1,147,462,863,321.39 trillion. It is, therefore, necessary to increase the domestic borrowing limit in the 2025 budget by N1,147,462,863,321.39 to close this gap.

“Based on the foregoing, I wish to request the approval of the House of Representatives for the establishment of a N1.15 trillion borrowing programme in the domestic debt market to close the unfunded 2025 budget deficit gap,” the President said.
Consequently, the House referred the request to its Committee on Aids, Loans and Debt Management for further legislative scrutiny.

The committee is expected to examine the justification, repayment framework, and implications for debt sustainability before reporting back to plenary.
Speaking on the referral, House Spokesperson Akin Rotimi said the legislature remains committed to ensuring accountability in fiscal management and will subject the proposal to proper evaluation in line with national interest.

Meanwhile, the lawmakers on Wednesday demanded the immediate release of funds for capital projects captured in the 2024 and 2025 Appropriation Acts.
The lawmakers said many government projects have stalled nationwide because payment certificates have not been honoured and new project award letters have been suspended.

They noted that the situation has created tension in several constituencies, with contractors abandoning sites and local economic activities slowing down.
The Guardian gathered that the development formed part of discussions during two closed-door sessions held during Wednesday’s plenary.