RismadarVoice Reporters, March 31, 2026
The Senate on Tuesday passed the ₦68.32 trillion 2026 Appropriation Bill, marking a significant increase from the ₦58.47 trillion initially presented by President Bola Ahmed Tinubu in December 2025.
The upward review followed a formal request by the President to accommodate emerging fiscal realities and key national priorities.
Tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the appropriation is aimed at sustaining macroeconomic stability, boosting job creation, reducing poverty, and strengthening critical sectors of the economy.
A breakdown of the approved budget shows ₦4.8 trillion for statutory transfers, ₦15.81 trillion for debt servicing, ₦15.43 trillion for recurrent expenditure, and ₦32.29 trillion for capital expenditure, with capital projects taking the largest share.
The increase in the budget size was driven by the inclusion of ₦7.71 trillion to cover outstanding capital projects rolled over from the 2025 fiscal year, as well as an additional ₦2 trillion for priority projects not captured in the original proposal. Lawmakers noted that many 2025 projects could not be completed due to funding constraints, necessitating their inclusion in the 2026 budget.
The Senate also approved key interventions, including ₦478.6 billion as equity funding for presidential legacy rail projects in Lagos, Kano, Kaduna, and Ogun states, alongside feasibility studies for urban rail systems in Enugu and Maiduguri. It further approved ₦8.96 billion for feasibility studies on the Calabar–Maiduguri corridor and the Maiduguri–Sokoto superhighway.
In the health sector, ₦482.76 billion was earmarked for priority interventions tied to bilateral commitments. The judiciary also received significant allocations, including ₦98.5 billion for the Court of Appeal, ₦36.7 billion for the Supreme Court, and ₦268.54 billion to strengthen judicial capacity ahead of the 2027 general elections.
To finance the expanded budget, the government proposed adjustments to the oil benchmark expected to generate an additional ₦2.59 trillion, alongside increased non-oil revenue projections, particularly from the telecommunications sector. Lawmakers projected about ₦724 billion in company income tax from MTN Nigeria and ₦150 billion from Airtel Nigeria.
The plan also includes ₦6.16 trillion in external borrowing to fund the deficit.
The bill underwent extensive legislative scrutiny, including committee reviews, engagements with the President’s economic team, and a public hearing involving Ministries, Departments and Agencies, as well as civil society organisations.
The Senate Appropriations Committee said the adjustments were necessary to clear outstanding obligations and ensure seamless implementation of capital projects, noting that about 70 per cent of 2025 capital projects were rolled over due to revenue shortfalls.
Lawmakers, however, cautioned against delays in fund releases, urging improved coordination between the executive and legislature, as well as strict oversight to ensure effective implementation.
The Senate also approved the extension of the 2025 budget implementation period to June 30, 2026, to allow completion of ongoing projects.
In his remarks, Senate President, Godswill Akpabio expressed confidence that the budget would provide adequate funding for critical sectors and drive national development.
He added that the harmonised passage by both chambers eliminates the need for a conference committee and expressed optimism that the Tax Reform Act would boost revenue for project execution.
