ABUJA — The Senate on Tuesday approved a N68.3 trillion appropriation bill for the 2026 fiscal year, incorporating N5.71 trillion in legacy capital obligations from the 2025 budget cycle and N2 trillion for priority projects across key sectors.
The approval followed the consideration and adoption of the report of the Senate Committee on Appropriations, presented by its Chairman, Solomon Olamilekan Adeola, during plenary.
Adeola recalled that President Bola Ahmed Tinubu had presented the 2026 Appropriation Bill to a joint session of the National Assembly in December 2025, describing the proposal as a “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”
He said the approved budget comprises N4.7 trillion for statutory transfers, N15.8 trillion for debt servicing, N15 trillion for recurrent (non-debt) expenditure, and about N32 trillion for capital and development funding.
According to him, the capital component reflects the administration’s strong focus on infrastructure development, while the high debt service allocation underscores the continued pressure of public debt on government finances.
The Senate also approved an extension of the 2025 Appropriation Act implementation to June 30, 2026, to address delays in fund releases experienced in the previous fiscal year.
“The bureaucratic bottlenecks that led to late releases of funds in 2025 must be addressed holistically to ensure full implementation of the 2026 budget,” Adeola said.
He added that deliberate collaboration between the legislature and the executive would be required to achieve the budget’s objective of translating allocations into tangible outcomes.
In his remarks, Senate President Godswill Akpabio commended the Appropriations Committee for what he described as months of diligent work on the bill.
“Your dedication and sacrifice have not gone unnoticed. You have served the nation well,” Akpabio said.
He expressed optimism that with improved revenue from tax reforms and approved borrowing plans, the budget would be realistic and impactful.
“With the loans approved and anticipated revenue growth, we are confident this budget will renew hope and contribute to a successful tenure for the administration,” he added.
The passage of the budget by the Senate follows similar approval by the House of Representatives, paving the way for its transmission to the President for assent.
