Senate Passes ₦68 Trillion 2026 Budget

The Nigerian Senate, led by Senate President Godswill Akpabio, on Tuesday, passed a ₦68 trillion national budget figure for the year 2026.

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Naija News reports that the approved budget included a ₦9 trillion increase from the initially proposed ₦59 trillion.

The budget covers the period ending 31st December 2026.

The budget allocation includes:

₦4.8 trillion for statutory transfers

₦15.8 trillion for debt servicing

₦15.4 trillion for recurrent (non-debt) expenditure

₦32.3 trillion earmarked for capital expenditure through contributions to the development fund.

Details on sectoral allocations and implementation plans are expected to follow.

Recall that President Bola Tinubu had asked the Senate to approve an increase of ₦9.3 trillion to the proposed 2026 budget, raising it from ₦58.47 trillion to ₦67.7 trillion.

The request was contained in a letter read during plenary on Tuesday by Senate President Godswill Akpabio, following lawmakers’ resumption from the two-week Eid-el-Fitr break.

In the letter, Tinubu said the proposed upward review of the budget was largely aimed at regularising outstanding legacy capital projects inherited from previous administrations.

According to him, the adjustment would ensure the completion of ongoing projects captured in earlier budgets.

He added that part of the additional spending would also support key transport infrastructure projects, in line with the administration’s development agenda.

The President further explained that the adjustment was intended to preserve macro-fiscal stability and reduce pressure on the domestic financial market.

The request forms part of the government’s efforts to sustain economic reforms while ensuring the execution of critical development projects across the country.