By Yinka Giwa
The Senate on Tuesday passed the N68.3 trillion Appropriation Bill for the 2026 fiscal year, approving a significant upward adjustment of about N7 trillion to the initial proposal and extending the lifespan of the 2025 budget to June 30, 2026.
The approval followed the consideration and adoption of the report of the Senate Committee on Appropriations during plenary sitting in the Committee of Supply.
Presenting the report, Chairman of the committee, Senator Olamilekan Adeola, recalled that President Bola Ahmed Tinubu had laid the 2026 Appropriation Bill before a joint session of the National Assembly on December 19, 2025.
Adeola said the budget, tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” underscores the administration’s commitment to stabilising the macroeconomic environment and sustaining ongoing reforms.
He explained that the committee recommended approval of a total expenditure of N68.3 trillion to be drawn from the Consolidated Revenue Fund of the Federation.
A breakdown of the approved budget shows that N4.7 trillion is allocated for statutory transfers, N15.8 trillion for debt servicing, and N15 trillion for recurrent (non-debt) expenditure, while N32 trillion is earmarked for capital expenditure through the development fund.
The committee also highlighted the need to address bureaucratic bottlenecks that hampered the timely release and utilisation of funds under the 2025 budget cycle.
Adeola said: “Deliberate efforts must be made in 2026 by the Senate, in collaboration with the executive, to ensure full and effective implementation of the Appropriation Law. Accordingly, the Appropriation (Repeal and Enactment) Act, 2025 should be extended to June 30, 2026.”
He noted that the strong capital allocation reflects the Tinubu administration’s emphasis on infrastructure development, while the substantial provision for debt servicing underscores the persistent pressure of Nigeria’s debt obligations on public finances.
According to him, recurrent expenditure remains sizeable, covering personnel costs and administrative overheads, while statutory transfers will support constitutionally backed institutions, including the judiciary.
The approved budget also incorporates sweeping adjustments requested by the President, largely aimed at accommodating outstanding financial commitments and strategic national projects.
A key component of the adjustment is the inclusion of N5.71 trillion in legacy capital obligations carried over from the 2025 fiscal year, alongside an additional N2 trillion earmarked for priority projects across critical sectors of the economy—bringing the total upward revision to about N7 trillion.
In his remarks, Senate President Godswill Akpabio commended the Appropriations Committee for what he described as months of painstaking work on the bill, which has now been passed by both chambers of the National Assembly.
“Your dedication and sacrifice have not gone unnoticed. You have served the nation well,” Akpabio said.
He expressed optimism that with approved loans and anticipated revenue boosts from ongoing tax reforms, the 2026 budget would be implementable and impactful.
“Our expectation is that this budget will be realistic, beneficial, and capable of renewing hope across the nation. It should contribute significantly to a successful and impactful first term for this administration,” he added.
Akpabio also lauded the collaboration between the Senate and the House of Representatives, noting that the alignment between both chambers eliminated the need for a conference committee on the bill.
The passage of the budget marks a critical fiscal milestone for the federal government as it seeks to consolidate economic reforms, manage rising debt obligations, and drive infrastructure-led growth in the 2026 fiscal year.