House of Representatives don give President Bola Tinubu green light to borrow ₦1.15 trillion to take balance di 2025 budget wey don pass government revenue plan. Di approval happen after dem adopt di report wey come from di House Committee on Aids, Loans and Debt Management for plenary on Wednesday.
Di Committee Chairman, Abubakar Nalaraba (APC, Nasarawa), talk say di loan go come from di domestic debt market to close di deficit gap wey show after dem increase di national budget above wetin dem first approve.
Tinubu first send letter go National Assembly through di Speaker, Tajudeen Abbas, wey Deputy Speaker Benjamin Kalu read last week. For di letter, Tinubu talk say di borrowing na to make sure government fit balance di 2025 budget as di Fiscal Responsibility Act (FRA) 2007 take talk.
E explain say National Assembly don pass ₦59.99 trillion budget — wey be ₦5.25 trillion higher than wetin di executive first propose — but di borrowing provision still remain ₦12.95 trillion, leaving about ₦1.15 trillion gap.
As di House debate di matter finish, dem gree make Federal Government borrow di money from di domestic debt market to close di shortfall.
Meanwhile, lawmakers don dey vex over di poor implementation of di capital part of di 2025 budget. Dem even no hold plenary on Tuesday because of di wahala.
