The Senate on Tuesday passed a N68.32 trillion naira budget for 2026, boosting President Bola Tinubu’s original N58.47 trillion proposal by N9.85 trillion.
NewsQuest reports that the move is to accelerate infrastructure and economic recovery.
The spending plan allocates N4.80 trillion to statutory transfers, 15.81 trillion to debt service, 15.43 trillion to recurrent non-debt expenditures, and 32.29 trillion to capital projects through the development fund.
The budget runs through December 31, 2026, with lawmakers emphasizing urgent needs in roads, power, and other sectors amid sluggish growth—though specifics on projects and new revenue sources remain under wraps.
In a related development, the Senate extended the 2025 budget’s capital spending from March 31 to June 30, 2026, via an amendment to the Appropriation Act.
Senate Leader Opeyemi Bamidele (APC-Ekiti Central), who sponsored the bill, argued that despite releasing 30% of funds to Ministries and Agencies, project execution lagged, risking a surge in abandoned works.
“Many projects remain vital, with only 70% carried into the new budget,” Bamidele warned, stressing the need to protect President Tinubu’s infrastructure push, enhance fiscal discipline, and sustain jobs through steady capital flows.
Deputy Senate President Barau Jibrin (APC-Kano North) echoed the point, tying the extension to President Tinubu’s “Renewed Hope Agenda.”
“Without this, we’ll face more ghost projects that stall prosperity,” he said, underscoring the administration’s focus on completing ongoing builds to drive national development.
The budget now heads to the House of Representatives for reconciliation before presidential assent.
