National Assembly approves ₦1.15 trillion borrowing to cover budget gap

The National Assembly has approved a fresh ₦1.15 trillion borrowing request from President Bola Tinubu’s government to fill the gap in the 2025 budget.

Lawmakers said the loan is needed to fund key projects, pay salaries, and keep the economy stable. The new borrowing will raise Nigeria’s total budget to around ₦60 trillion.

Some members of the Assembly expressed concern over Nigeria’s growing debt, but most agreed that borrowing is necessary for now since revenue from oil and taxes is still low.

Economic experts have warned that too much borrowing could lead to repayment problems later, urging the government to focus on better tax collection and cutting waste.