Senate passes N68.32trn 2026 budget
By Deborah Hassan
365Daily– Senate on Tuesday approved a revised N68.32 trillion budget for 2026, following an upward review requested by Bola Ahmed Tinubu, who had earlier written to lawmakers to adjust the initial proposal of N58.47 trillion submitted in December 2025.
The increase reflects fresh provisions to accommodate carried-over obligations from the 2025 fiscal year and fund key national priorities across infrastructure, health, and the judiciary.
Details of the approved budget show N4.8 trillion for statutory transfers, N15.81 trillion for debt servicing, N15.43 trillion for recurrent spending, and a significantly higher N32.29 trillion earmarked for capital projects.
Central to the revision is the addition of N7.71 trillion to cover uncompleted 2025 capital projects, alongside N2 trillion for new projects. The budget also makes provision for N478.6 billion for rail development in Lagos, Kano, Kaduna, and Ogun States, N482.76 billion for health sector commitments, and increased funding for the judiciary, including allocations for the Court of Appeal and the Supreme Court.
To finance the expanded spending plan, the government raised its oil price benchmark, projected higher tax returns from telecom operators, and proposed additional external borrowing estimated at N6.16 trillion.
The Appropriations Committee said the changes were necessary to clear “outstanding legacy capital commitments” and reposition the budget for effective implementation, noting that a large number of projects were rolled over from 2025 due to revenue constraints.
The Senate also approved an extension of the 2025 budget implementation to June 30, 2026, while calling for improved coordination and timely release of funds to ensure better execution of the new fiscal plan.