ABUJA — The House of Representatives on Tuesday passed a N68.30 trillion budget for the 2026 fiscal year, significantly higher than the N58.18 trillion proposal submitted by President Bola Ahmed Tinubu.
The approval followed the adoption of the report of the House Committee on Appropriations during plenary.
Budget Breakdown
Of the total sum, N4.79 trillion was allocated for statutory transfers, N15.80 trillion for debt servicing, N15.42 trillion for recurrent (non-debt) expenditure, while N32.26 trillion was earmarked for capital projects.
Under statutory transfers, the Independent National Electoral Commission received the highest allocation of N1.01 trillion. Other major allocations include N618.12 billion for the Niger Delta Development Commission, N610.17 billion for the National Judicial Council, and N577.85 billion for the National Assembly.
The Universal Basic Education Commission was allocated N490.28 billion, while the Basic Healthcare Provision Fund received N245.14 billion.
Recurrent Spending
In the recurrent expenditure category, the Ministry of Defence got the largest share with N2.69 trillion, followed by the Ministry of Education (N1.38 trillion) and Ministry of Police Affairs (N1.27 trillion).
Other key allocations include N1.01 trillion for the Ministry of Health and Social Welfare, N662.74 billion for the Ministry of Interior, and N498.06 billion for the Ministry of Youth.
Capital Projects
For capital expenditure, the Federal Ministry of Agriculture and Food Security topped the list with N3.25 trillion, followed closely by the Ministry of Works with N3.17 trillion.
The Ministry of Innovation, Science and Technology received N1.83 trillion, while Health and Social Welfare got N1.22 trillion. Education was allocated N655.82 billion, with Labour and Employment receiving N643.36 billion.
2025 Budget Extension
The House also approved an extension of the implementation of the 2025 capital budget from March 31 to June 30, 2026, following the passage of an amendment bill to the Appropriation Act.
$6bn Loan Approval
In a related development, lawmakers granted approval for President Tinubu to secure $6 billion in external loans to support government funding and critical infrastructure projects.
This includes a $5 billion facility from First Abu Dhabi Bank to address budget deficits and debt obligations, as well as a $1 billion loan from UK Export Finance, arranged by Citibank, for the rehabilitation of the Lagos Port Complex and Tin-Can Island Port Complex.
The Federal Government said the port rehabilitation project is aimed at improving operational efficiency, enhancing safety standards, and boosting non-oil trade as part of efforts to diversify the economy.
