…House shifts ground to consider President’s borrowing request despite crisis of confidence
By Gift Chapi-Odekina, Abuja
A member of the House of Representatives on Wednesday said the Green Chamber reconvened “out of respect” for President Bola Ahmed Tinubu to consider his N1.15 trillion borrowing request, despite mounting frustrations over the delayed release of funds for 2024 capital and constituency projects.
The lawmakers’ decision came less than 24 hours after they adjourned plenary to next week following a tense closed-door meeting over what members described as persistent failures by the executive to honour commitments on project funding.
Speaking anonymously to Vanguard, the lawmaker revealed that members initially planned to “shut everything down” until concrete steps were taken to release outstanding project funds and issue warrants for 2025 projects.
However, appeals from the House leadership and interventions from the Presidency convinced lawmakers to return.
“Out of respect for the President and because he personally intervened, we agreed to reconvene and take his letter,” the lawmaker said, stressing that the lawmakers’ grievances were directed at bureaucratic bottlenecks — not the President.
He said the crisis stemmed from repeated unfulfilled assurances from ministries and agencies.
“Five times before, they came, made promises, and didn’t fulfill them. So it’s hard for members to just take another word for it. But in the spirit of cooperation, we are giving them this window to act,” he added.
Another member lamented that the delay in releasing payments for ongoing projects and the suspension of new awards for 2025 by the Ministry of Finance had created tension across constituencies.
“Many colleagues can’t even return home. Projects have stalled, contractors are idle, and people are suffering. When contractors get paid, money circulates. That’s what drives the local economy,” he said.
Lawmakers disclosed that the executive has now pledged to begin clearing outstanding payments and issuing new project award letters within days.
“We want to believe this time they will follow through,” one member stated.
Despite skepticism, House leaders appealed for calm and urged members to support the President’s fiscal agenda to maintain economic stability.
“We reconvened to demonstrate goodwill toward the President, even as we continue to hold the executive accountable,” a ranking member said.
During Wednesday’s plenary, Deputy Speaker Benjamin Okezie Kalu read President Tinubu’s letter titled “Request for the Approval of the National Assembly for a Borrowing Programme to Fund the 2025 Budget Deficit,” dated October 31, 2025.
Tinubu explained that the National Assembly’s upward review of the 2025 Appropriation Act — increasing the budget from N49.74 trillion to N59.99 trillion — created a deficit of N14.10 trillion. With only N12.95 trillion earlier approved for borrowing, a shortfall of N1.15 trillion now needs to be financed through new domestic borrowing.
The President said the request aligns with Section 44 (1–2) of the Fiscal Responsibility Act, which requires National Assembly approval for all new borrowings.
The House subsequently referred the request to the Committee on Aids, Loans and Debt Management for detailed scrutiny.
House Spokesman Rep. Akin Rotimi said the referral reflects the chamber’s commitment to fiscal responsibility, debt sustainability, and accountability.
After handling the President’s request, the House adjourned sitting until Tuesday next week.
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