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The Digest:

The National Assembly has approved President Bola Tinubu’s request to borrow N1.15 trillion to fund the 2025 budget deficit. The approval follows an expansion of the budget beyond initial revenue projections, underscoring the ongoing challenge of balancing national ambition with economic reality.

Key Points:
  • The Senate and House of Representatives approved the N1.15 trillion loan during Wednesday’s plenary.
  • The borrowing aims to close a domestic financing shortfall in the 2025 budget.
  • The approved budget of N59.9 trillion exceeded the executive’s proposal by N5.25 trillion.
  • This expansion resulted in a total budget deficit of N14 trillion.
  • The Finance Ministry and Debt Management Office must ensure transparent and sustainable terms.
  • Lawmakers mandated strict oversight and quarterly reports on the loan’s utilization.
  • This follows recent approvals for a $2.35 billion loan and a $500 million sovereign sukuk.
As the nation borrows against its future, the storm of fiscal responsibility and sustainable growth remains at the heart of the debate. Rooted in the Storm.

Sources: The Cable