Nigerian lawmakers authorize an additional 1.15 trillion naira in borrowing to close the budget deficit

Nigeria’s National Assembly authorized a further 1.15 trillion naira ($784 million) in domestic borrowing on Wednesday in order to assist cover a budget deficit for 2025.

Two weeks ago, President Bola Tinubu requested the clearance, pointing to a discrepancy between the 14.10 trillion naira legislators voted and the 12.95 trillion naira deficit the executive suggested.

Nigeria has set aside 59.99 trillion naira for its 2025 budget, including a combination of domestic and foreign borrowing to cover the shortfall.

The nation issued Eurobonds last week, raising $2.35 billion and attracting bids totaling $10.65 billion. “The high demand demonstrated confidence in Nigeria’s reform plans and commitment to sustainable growth,” said Finance Minister Wale Edun.