Senate Okays N68.3trn 2026 Budget

The Senate has approved N68.3 trillion Appropriation Bill for the 2026 fiscal year.The approval followed the presentation and consideration of the report of the Senate Committee on Appropriations in the Committee of Supply during Tuesday’s plenary.

The report was presented by the chairman of the Appropriation Committee, Senator Solomon Olamilekan (APC, Ogun West).

Olamilekan recalled that President Bola Tinubu had on December 19, 2025, presented the 2026 Appropriation Bill before a joint sitting of the National Assembly.

He said the budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” reflects the executive’s determination to sustain macroeconomic stability.

According to him, the committee consequently recommended the approval of a total expenditure of N68.3 trillion, comprising: “N4.7 trillion for statutory transfers, N15.8 trillion for debt servicing, N15 trillion for recurrent (non-debt) expenditure, N32 trillion for capital expenditure through the Development Fund.”

Olamilekan stressed the need to address bureaucratic bottlenecks that led to delays in fund releases during the 2025 fiscal year, noting that such challenges must be tackled to achieve the 2026 budget objective of “From Budget to Impact.”

He called for closer collaboration between the legislature and the executive to ensure full and effective implementation of the budget.

He also reiterated the recommendation to extend the implementation of the 2025 Appropriation Act to June 30, 2026.

The lawmaker noted that the capital component of the 2026 budget underscored the Tinubu administration’s strong focus on infrastructure development, while the significant allocation to debt servicing reflects ongoing fiscal pressures.

He added that the approved budget included adjustments requested by President Tinubu, such as the incorporation of N5.71 trillion in legacy capital obligations from the 2025 fiscal cycle and N2 trillion for priority projects across key sectors.

In his remarks, Senate President Godswill Akpabio commended the Appropriations Committee, led by Senator Olamilekan, for its diligence and commitment in processing the Money Bill.

“Your dedication and sacrifice over several months have not gone unnoticed, and you have truly served the nation well,” Akpabio said.

He expressed optimism that the approved budget, alongside expected revenue gains from tax reforms and previously approved loans, would be realistic and impactful.

Akpabio also noted that the collaborative efforts of both chambers of the National Assembly ensured the smooth passage of the bill without the need for a conference committee.

He added that the Senate expected the implementation of the budget to drive growth, strengthen economic stability, and deliver tangible benefits to Nigerians.

LEADERSHIP reports that the House of Representatives had earlier on Tuesday passed the N68.3 trillion 2026 Budget at its sitting.