Senate Greenlights Revised N68.323 Trillion Budget for 2026

The execution of the 2025 budget’s capital component has been extended by the Senate from March 31 to June 30.

This came after a Bill to Amend the 2025 Appropriations Act was presented, which would have extended the Act’s capital component from March 31 to June 30.

Senate Leader Opeyemi Bamidele (APC-Ekiti) introduced the bill during Tuesday’s session.

Bamidele stated that the amendment’s justification was both convincing and practical while spearheading discussion on the bill’s general principles.

Despite the transfer of about 30% of allotted funds to ministries, departments, and agencies (MDAs), he claimed that the implementation of capital projects under the 2025 Appropriations Act had not achieved an ideal level.

According to Bamidele, “if this situation is not immediately addressed, it risks exacerbating the already concerning incidents of abandoned or partially executed projects across the country.”

Only around 70% of the projects had been funded under the 2026 appropriations framework, he said, adding that it was interesting to see that a sizable part of the projects were relevant.

He claimed that the president’s numerous important national infrastructure and development projects would experience preventable discontinuity in the absence of the extension.

According to the congressman, the bill was created to guarantee continuity, improve budget performance, and encourage effective use of monies that have already been released.

Additionally, it aims to protect public resources from waste and enhance fiscal discipline.

Additionally, he stated, “this extension will significantly contribute to economic reflation by sustaining capital expenditure flows, conserving jobs, and supporting ongoing development efforts across key sectors of the economy.”

According to the senator, it is essential to provide MDAs the legal window they need to complete their initiatives in the best interests of the general public.

He asked the legislators to review the bill favorably and quickly.

While seconding the motion to approve the bill, Deputy Senate President Barau Jibrin (APC-Kano) stated that President Bola Tinubu was committed to accelerating and improving the nation’s infrastructure.

It is in line with Mr. President’s “Renewed Hope Agenda” to bring prosperity to our country, and this cannot be accomplished without constructing the essential infrastructure required to realize this vision.

In this sense, it is crucial to allot time for the completion of ongoing and initiated tasks. If not, we will face the issue of unfinished initiatives, which is detrimental to our advancement.

“Everyone knows that if we don’t do this, it will create a problem to Mr. President’s desire to bring about the infrastructure development needed to bring prosperity to our nation,” he stated.

Barau asked his colleagues to expedite the bill’s passage.

Following a clause-by-clause review, the Senate subsequently approved the measure, delaying the implementation of the 2025 budget capital component until June 30, according to the News Agency of Nigeria (NAN).

Additionally, President Bola Tinubu’s request to raise the 2026 budget from the original plan of N58.472 trillion to ₦68,323,309,818,667 trillion was accepted by the Senate during a special plenary on Tuesday.

The 2026 Appropriations Bill, which requests legislative authorization for a total spending of ₦68.323 trillion for the 2026 fiscal year, was also approved by the Red Chamber on its third and final reading.

On December 19, 2025, President Tinubu presented the first ₦58.472 trillion budget to a joint session of the National Assembly.

With priority votes for defense and security (₦5.41 trillion), infrastructure (₦3.56 trillion), education (₦3.52 trillion), and health (₦2.48 trillion), the budget concentrated on strengthening macroeconomic stability, enhancing the business environment, encouraging job-rich growth, and lowering poverty.

But on Wednesday, President Tinubu addressed a proposal for an increase of N9 trillion to the Senate, which the senators promptly reviewed and agreed.

The Chairman of the Senate Committee on Appropriations, Senator Solomon Adeola, presented the report of the National Assembly Joint Committee on the 2026 Appropriations Bill during plenary. He informed the Chamber that President Tinubu sent the Committee a communication suggesting changes to the budget while the Committee was working on the N58.472 trillion earlier proposed in December, 2025.

“Mr. President sent a message suggesting changes to the 2026 Budget when the Joint Committee on Appropriations was debating the Bill.

In order to prevent unresolved liabilities from prior years from unnecessarily burdening the 2026 fiscal program, the suggested changes were designed to regularize outstanding legacy capital commitments carried over from past appropriation cycles.

Along with aligning the financing framework of the 2026 Budget with the revised expenditure profile in a way that maintains macro-fiscal stability, the proposals also aimed to accommodate a small number of strategic interventions in the areas of transportation, health, and institutional preparedness that are deemed essential to national development and governance continuity, he said.

He pointed out that ₦5.71 trillion in unpaid capital liabilities from the 2025 budget were included in the adjustment, stating that this was required because it was doubtful that these responsibilities would be carried out before the 2025 budget expired.

He said that the 2025 Appropriation (Repeal and Enactment) Act was the source of the unfulfilled responsibilities, pointing out that ₦2 trillion was added for national priority projects that were left out of the rollover to the 2026 budget.

A Federal Government equity investment of ₦478.60 billion for the Presidential Legacy Light Rail Projects, located in Lagos, Kano, Kaduna, and Ogun States, is another of the key national initiatives.

The initiatives also include ₦8.96 billion for feasibility studies for the Maiduguri-Sokoto Superhighway and the Calabar-Maiduguri Corridor.

The Tinubu National Beltway Initiative is responsible for several projects.

For key health sector measures, an additional US$344.83 million, or around ₦482.76 billion, was suggested.

The implementation pledges and current bilateral understandings are linked to these interventions.

The Committee also noted that the Court of Appeal was to get an additional ₦98.50 billion.

The institutional framework for the 2027 general election cycle is supported by this.

It is also suggested that ₦36.7 billion be given to the Supreme Court. Additionally, this supports the general election cycle in 2027.

It is suggested that the budget ceiling for the judiciary be reinstated at ₦268.54 billion. This is to make room for the potential appointment of more judges and justices of the Court of Appeal.

The funding sources include raising the oil benchmark by $10/b, resulting in ₦2.592 trillion, out of the total adjustments of ₦9.091 trillion.

The Chairman of the Committee claims that new investor confidence has been sparked by recent tariff adjustment actions in the telecom sector. Over $2 billion in capital inflows and investment commitments have been documented.

He noted that the telecom industry is moving from a state of limited tax revenue and underinvestment to one marked by revitalized growth.

MTN Nigeria and Airtel Nigeria are expected to contribute ₦874 billion in revenue.

In 2026, MTN Nigeria is anticipated to pay ₦724 billion in Corporate Income Tax (CIT). In 2026, Airtel Nigeria is anticipated to contribute ₦150 billion in CIT.

The anticipated increase in foreign borrowings is ₦6.163 trillion. This will help finance the changes,” he stated.

The changes are intended to support job-rich growth and strengthen macroeconomic stability. Infrastructure, health, education, and security are given top priority in the 2026 budget.

The Senate accepted the changes after reviewing the Joint Committee’s report, expressing hope that they would boost economic expansion and raise citizens’ standards of living.

Atiku Abubakar, a former vice president and leader of the African Democratic Congress, has voiced serious concerns in response to reports that President Bola Ahmed Tinubu’s request for a new $6 billion external loan was approved by the Senate in a record amount of time—less than four hours after it was presented.

In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku called the incident disturbing as well as concerning.
He pointed out that a choice with such significant national ramifications, one that will put more strain on an already fragile economy and jeopardize the future of future generations, cannot be handled with such irresponsible speed.

“What Nigerians have seen is a troubling erosion of oversight responsibility, not legislative diligence,” he stated.

He emphasized that the National Assembly is a constitutional protection intended to question, examine, and defend the interests of the Nigerian people rather than serving as a simple rubber stamp.

Instead of acting as a constitutional safeguard, the Senate has become a conveyor belt that processes demands with significant national implications without conducting adequate research. This kind of careless rush cannot and should not be applied to borrowing decisions that would constrain future generations.

“Where did the discussion take place? Where was the thorough analysis? Atiku said, “Where was the accountability?”

He cautioned that accepting a multibillion-dollar borrowing request in record fast without public review raises grave concerns about the legislature’s devotion to its constitutional role and due process.

Atiku cautioned that although these goals might seem ordinary on the surface, they reveal more serious structural flaws in the country’s financial management.

“It is not a strategy—it is a risky cycle—to turn to new borrowing to pay off current debts, fill budget gaps, and fulfill regular obligations. It shows a concerning lack of sustainable economic planning, clear prioritization, and fiscal restraint, he said.
He further grounded his worries in new fiscal data, pointing out that the World Bank revealed that Nigeria’s exposure to the International Development Association (IDA) had increased to $18.7 billion between January and February 2026, making it one of the world’s biggest recipients of concessional loans.

“Even as the Debt Management Office continues aggressive domestic borrowing through high-volume bond auctions, as evidenced by the March 2026 FGN Bond Offer Circular, the President is requesting an additional $6 billion external loan in March 2026 alone, primarily to finance immediate government obligations and service existing debt,” he continued.

Atiku claims that this pattern indicates an unsustainable borrowing trajectory that puts the nation in a risky financial situation.

The former vice president went on to wonder if this was an intentional attempt to mortgage the nation’s future.

“Because it implies that,” he continued.

In addition to the growing debt it has already accrued in just the first quarter of 2026, what does a government that seems to be getting ready for electoral defeat in 2027 plan to do with an extra $6 billion in borrowed funds?

Atiku emphasized that fiscal decisions should be made with caution rather than hastiness at a time when Nigeria’s debt profile is still rising and debt servicing takes up a large amount of the country’s income.

He stated, “Borrowing is not intrinsically bad, but reckless borrowing, made possible by legislative complacency, is dangerous.”

“The speed of the approval suggests a troubling sense of desperation, which does not inspire confidence in the long-term direction of the country’s economy,” he continued.

“Nigeria is not a business that can be exploited at will. We cannot sign away our country’s destiny in a matter of hours,” he said.

Atiku emphasized that Nigerians want openness, accountability, and responsible governance and urged the Senate to keep in mind its constitutional function as a check on executive excesses rather as an extension of it.

“History will record this moment—and the choices made,” he said in closing.