Senate Approves N68.3trn 2026 Budget
•••Adds ₦5.71trn Legacy Capital Obligations Over 2025 Fiscal Cycle
••• Considers ₦2trn Earmarked For Priority Projects Across Key Sectors
•By Admin
ABUJA — THE Senate has approved N68.3 trillion as Appropriation Bill for the fiscal year 2026.
The approval followed the presentation and the consideration of the report of the Senate Committee on Appropriations in the Committee of Supplies during Tuesday’s plenary.
The report was presented by the Chairman of the Committee, Sen. Solomon Olamilekan (APC-Ogun).
Olamilekan recalled that President Bola Tinubu had on Wednesday, Dec.19, 2025 laid before the Joint sitting of the National Assembly the 2026 Appropriations Bill.
“The 2026 Budget, themed Budget of Consolidation, Renewed Resilience and Shared Prosperity, reflects the Executive’s determination to lock in macroeconomic stability”.
Olamilekan said: “The Committee hereby recommends that the Senate do consider and approve.
“A Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N68 trillion of which N4.7 trillion is for Statutory Transfers.
“N15.8 trillion is for Debt Service, N15 trillion is for Recurrent (Non-Debt) Expenditure while the sum of N32 trillion only is for contribution to the Development Fund.
“For Capital Expenditure for the year ending on 31 Dec. 2026 with the accompanying schedules and details”.
Olamilekan further said that the bureaucratic bottleneck that led to the challenges of late releases of funds in 2025 should be addressed holistically, to achieve the theme of 2026 Appropriations Bill From Budget to Impact”.
“Deliberate efforts must be made in 2026 by the Senate in collaboration with the Executive to implement 2026 Appropriation holistically.
“The Appropriation (Repeal and Enactment) Act, 2025 be extended to 30th June 2026”.
He added that the capital component reflects the administration’s strong emphasis on infrastructure development, while the substantial allocation for debt servicing highlights the continuing pressure of Nigeria’s debt obligations on public finances.
“Recurrent expenditure remains significant, covering personnel and administrative costs, while statutory transfers will fund key institutions, including the judiciary and other constitutionally backed bodies.
“The budget approval comes alongside the Senate’s consideration of sweeping adjustments requested by President Bola Tinubu, aimed at addressing outstanding capital commitments and funding strategic national projects.
“A major component of the adjustment is the inclusion of ₦5.71 trillion in legacy capital obligations carried over from the 2025 fiscal cycle, alongside ₦2 trillion earmarked for priority projects across key sectors”.
In his remarks, Senate President Godswill Akpabio commended the Chairman of Appropriations, Sen. Solomon Adeola and the members of the committee for their tireless work on the bill which has now been passed for the third time.
“Your dedication and sacrifice over several months have not gone unnoticed, and you have truly served the nation well.
“Our prayer in the Senate is that God will grant the current President, Bola Tinubu, the necessary resources to meet the obligations of this budget for the benefit of our country.
“Congratulations to all Distinguished Senators, and also to members of the House of Representatives who have worked collaboratively to ensure the passage of this bill.
“This joint effort has eliminated the need for a conference committee. Congratulations as well to all Nigerians.
“With the loans approved and the anticipated increase in revenue from tax reforms, we are confident that this budget will be realistic, beneficial and capable of renewing hope across the nation.
“It is our expectation that this will contribute to a successful and impactful first term for the administration”.
•INDEPEDENTNG.