Senate approves N68trn budget for 2026 fiscal year

The Nigerian Senate on Tuesday passed the 2026 budget, incorporating President Bola Tinubu’s latest request of N9.3 trillion, bringing the total budget to N68.323 trillion.

In addition to approving the president’s request, the Senate added another N623 billion to the total, reflecting lawmakers’ adjustments to key sectors and priorities.

The upper chamber increased the total budget from N67.7 trillion, as requested by the president, to N68.323 trillion.

The budget was approved after most senators endorsed it through voice votes.

The Senate President, God’swill Akpabio,subsequently announced the budget’s passage.

The lawmakers supported the passage of the budget after they reviewed a report presented by Adeola Olamilekan, chairman of the Senate Committee on Appropriations.

Mr Olamilekan, while presenting the report, recommended the allocation of N4.799 trillion for statutory transfers, N15.809 trillion for debt servicing, N16.427 trillion for recurrent (non-debt) expenditure, and N32.287 trillion for capital expenditure.

TheLeader reports that the budget approval came a few hours after Mr Akpabio read a letter from President Tinubu requesting an upward revision of the budget by N9.3 trillion, raising it from the initial N58.47 trillion to N67.7 trillion.

In his letter to the lawmakers, the president said the proposed increase was aimed primarily at regularising outstanding legacy capital projects carried over from previous budgets to ensure their completion.

He also noted that the additional spending would support key transport projects, in line with the administration’s continuity agenda.

The president noted that the adjustment is further intended to preserve macro-fiscal stability and ease pressure on the domestic financial market.

However, during deliberations, lawmakers did not question the president’s request for additional funds.