The Senate on Tuesday passed the 2026 budget after adding the N9.3 trillion latest request by President Bola Tinubu, bringing the total figure to N68.323 trillion.
In addition to approving the president’s request, the Senate also increased the total budget by N623 billion.
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The upper chamber increased the budget from N67.7 trillion, as requested by the president, to N68.323 trillion.
The lawmakers approved the budget with an oil price benchmark of $75 per barrel and an exchange rate benchmark of ₦1,512/$1.
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The budget was approved by the Committee of Supply, with most senators endorsing it by voice vote.
The Senate President, Godswill Akpabio, announced the budget’s passage after most senators supported it.
The lawmakers supported the passage of the budget after they reviewed a report presented by Adeola Olamilekan, chairman of the senate committee on appropriations.
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Mr Olamilekan, while presenting the report, recommended the allocation of N4.799 trillion for statutory transfers, N15.809 trillion for debt servicing, N16.427 trillion for recurrent (non-debt) expenditure, and N32.287 trillion for capital expenditure.
PREMIUM TIMES reports that the budget approval came a few hours after Mr Akpabio read a letter from President Tinubu requesting an upward revision of the budget by N9.3 trillion, raising it from the initial N58.47 trillion to N67.7 trillion.
In his letter to the lawmakers, the president said the proposed increase was aimed primarily at regularising outstanding legacy capital projects carried over from previous budgets to ensure their completion.
READ ALSO: Tinubu seeks Senate’s approval for fresh $6bn loans from UAE, UK
He also noted that the additional spending would support key transport projects, in line with the administration’s continuity agenda.
The president noted that the adjustment is further intended to preserve macro-fiscal stability and ease pressure on the domestic financial market.
However, during deliberations, lawmakers did not question the president’s request for additional funds.
Other issues
Mr Olamilekan, the senator representing Ogun West Senatorial District, also urged the executive to ensure the timely and proper release of funds appropriated in the budget to Ministries, Departments and Agencies (MDAs).
He said adequate fund releases to MDAs would be critical to the full implementation of the 2026 budget.
“That bureaucratic bottleneck that led to the challenges of late releases of funds in 2025 should be addressed holistically to achieve the Theme of the 2026 Appropriations Bill: From Budget to Impact.
“Deliberate efforts must be made in 2026 by the Senate in collaboration with the Executive to implement the 2026 Appropriation holistically,” he added.
The appropriations committee chairman also urged his colleagues, who head various committees, to properly scrutinise agencies under their oversight.
“The 2026 budget implementation should be monitored by the various committees, with a purpose to manage and guide capital projects implementation with discipline, and pursue infrastructural growth that is broadbased with sustainable legislation,” he said.
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