Bismarck Rewane, Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, has assured Nigerians that President Bola Tinubu’s ₦1.15 trillion domestic loan request should not cause concern, explaining that it is part of the standard budgetary process and not an additional debt burden.

Speaking on Channels Television’s Business Morning on Thursday, November 6, Rewane clarified that the borrowing request is simply a ratification of financing provisions already outlined in the 2025 budget.

According to him, the approval sought by the President from the National Assembly is a routine step necessary for completing the current budget cycle before moving into the 2026 fiscal year.

“I think the approvals being requested now are just to ratify what is already there; these are not additional debts,” Rewane stated. “The ₦1.15 trillion domestic borrowing is simply for the ratification of existing budgetary financing.”

The economist added that Nigeria’s revenue base has improved significantly since the removal of fuel subsidies, noting that this will make debt repayment more manageable.

Rewane emphasized that the size of the ₦1.15 trillion request should not raise alarm, given the scale of the 2025 national budget and its accompanying deficit.

“Don’t forget that this year’s budget was over ₦54 trillion, with a deficit of around ₦13 to ₦14 trillion,” he explained. “What the President is asking for are instruments to finance this gap—through bonds and other financial tools. Since revenue has increased following subsidy removal, the ability to service this debt is not in doubt. So, there’s absolutely no reason to panic.”

Gossip News Now recalls that on Tuesday, President Tinubu formally wrote to the National Assembly seeking approval to borrow ₦1.15 trillion from the domestic debt market to help finance the 2025 budget deficit.

The request, read by Senate President Godswill Akpabio during plenary, stated that the borrowing would help bridge the funding gap and ensure the full execution of government programmes and capital projects under the 2025 fiscal plan.

The Senate has since referred the proposal to the Committee on Local and Foreign Debt, directing it to report back within a week for further legislative consideration.