The House of Representatives has referred President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to the Committee on Aids, Loans and Debt Management for scrutiny.
The President’s request was necessitated by the increase in the 2025 Appropriation Act, which created an unfunded deficit gap of ₦1.15 trillion.
According to President Tinubu’s letter, the National Assembly approved a total budget of ₦59.99 trillion, an increase of ₦5.25 trillion over the initial proposal. This resulted in a total budget deficit of ₦14.10 trillion.
The House referred the request to the Committee for detailed scrutiny, underscoring its commitment to fiscal responsibility and debt sustainability.
Meanwhile, lawmakers demanded full implementation of the capital component of the 2024 Appropriation Act. “We urge the Executive to ensure prompt commencement of the capital implementation of the 2025 Appropriation Act once approved,” they said.
The demand followed a protest by Indigenous Contractors who blocked the National Assembly complex in Abuja, expressing frustration over delayed payments.
Lawmakers called for immediate release of funds for completed projects. “We cannot afford to have projects stalled due to lack of funds,” they emphasized.
The House adjourned plenary till Tuesday next week, after referring the borrowing request to the Committee. The Committee is expected to report back to the House for further legislative action.
