Breaking: Senate Approves Massive ₦68 Trillion 2026 Budget

The Nigerian Senate, under the leadership of Senate President Godswill Akpabio, on Tuesday approved the national budget for 2026, setting the total at ₦68 trillion. The figure represents a ₦9 trillion increase from the initially proposed ₦59 trillion, according to Ireporter Online.

The budget, covering the period ending 31st December 2026, allocates ₦4.8 trillion for statutory transfers, ₦15.8 trillion for debt servicing, ₦15.4 trillion for recurrent non-debt expenditure, and ₦32.3 trillion for capital expenditure through contributions to the development fund. Detailed sectoral allocations and implementation plans are expected to be released in due course.

President Bola Tinubu had requested the Senate to approve a ₦9.3 trillion increase to the proposed budget, raising it from ₦58.47 trillion to ₦67.7 trillion. The request, read by Senate President Akpabio during plenary following lawmakers’ resumption from the two-week Eid-el-Fitr break, was aimed at regularising outstanding capital projects inherited from previous administrations.

The President noted that the additional funds would support the completion of ongoing projects and key transport infrastructure initiatives aligned with the administration’s development agenda. He further explained that the upward adjustment was designed to maintain macro-fiscal stability and ease pressure on the domestic financial market. The request underscores the government’s commitment to sustaining economic reforms while ensuring the execution of critical development projects nationwide.