BREAKING: Tinubu Seeks Senate Approval for ₦1.15tr Fresh Loan

• President Bola Ahmed Tinubu has asked the Nigerian Senate to approve a fresh ₦1.15 trillion loan from the domestic debt market to finance the 2025 budget deficit.

President Bola Ahmed Tinubu has written to the Senate, seeking approval to borrow ₦1.15 trillion from the domestic debt market to fund the deficit in the 2025 budget.

The request, read by Senate President Godswill Akpabio during Tuesday’s plenary, stated that the borrowing would bridge the government’s funding gap and ensure full implementation of its programmes and projects for the new fiscal year.

Akpabio subsequently referred the request to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako, directing it to report back within one week.

During the session, the Senate President acknowledged that part of the proposed borrowing would be used to settle outstanding payments owed to local contractors — an issue that sparked a massive protest earlier in the day.

Hundreds of members of the All Indigenous Contractors Association of Nigeria (AICAN) stormed the National Assembly complex in Abuja, blocking entrances and demanding the immediate release of payments for completed government projects.

The protesters, wielding placards and chanting solidarity songs, accused the Federal Government of favouring foreign contractors while neglecting indigenous firms — a trend they said has crippled many businesses, worsened unemployment, and forced several into bankruptcy.

According to AICAN, the government owes local contractors about ₦760 billion in verified payments across ministries, departments, and agencies, while total outstanding obligations could exceed ₦4 trillion when pending approvals are included.

“We borrowed money from banks to execute these projects, and now the same banks are taking over our properties,” one of the protesters said.

“They keep saying payments have been approved, but there’s no cash backing — it’s only on paper.”

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The contractors also vowed to reject future government contracts without upfront mobilisation, citing years of unfulfilled payment promises.

AICAN called on President Tinubu to personally intervene and ensure that all verified debts are settled promptly and that future projects are adequately funded to avoid recurring debt traps.

Their protest followed months of frustration over what they described as the government’s “deliberate insensitivity” to their plight, despite repeated assurances from the Ministry of Finance and the Budget Office.

Last month, the Deputy Speaker of the House of Representatives, Benjamin Kalu, facilitated a meeting between the association and Minister of Finance Wale Edun to resolve the matter, but contractors said no tangible progress has been made since.

Meanwhile, the Senate is expected to begin deliberations on Tinubu’s new borrowing request within the week, amid growing concerns about Nigeria’s rising public debt and the government’s heavy reliance on loans to fund its budget.