Nigeria’s National Assembly has approved a ₦68.3 trillion budget for the 2026 fiscal year, significantly increasing the ₦58.47 trillion proposal earlier submitted by President Bola Ahmed Tinubu.
The budget, passed for third reading on Tuesday by both the Senate and the House of Representatives, reflects an upward adjustment of about ₦9 trillion following legislative review and input from the executive.
The approval came after both chambers adopted harmonised reports from their respective Committees on Appropriations.
Presenting the report in the Senate, Olamilekan Adeola, Appropriations Committee Chairman, said the increase was driven largely by previously unfunded obligations and newly prioritised projects.
According to him, ₦5.71 trillion was added to cover outstanding capital commitments from the 2025 budget, while ₦2 trillion was included for key infrastructure projects that were omitted in the initial 2026 proposal.
The revised budget also makes provision for a ₦478.6 billion federal government equity contribution under the Ministry of Finance Incorporated (MOFI) for major rail projects in Lagos, Kano, Kaduna, and Ogun States, alongside feasibility studies for urban rail systems in Enugu and Maiduguri.
In addition, ₦8.96 billion was allocated for feasibility studies on major transport corridors, including the Calabar–Maiduguri route and the Maiduguri–Sokoto superhighway under the Tinubu National Beltway Initiative.
The health sector received a boost with an allocation of approximately ₦482.76 billion (about $344.83 million) for priority interventions tied to international commitments.
The judiciary also recorded significant increases, with ₦98.5 billion allocated to the Court of Appeal and ₦36.7 billion to the Supreme Court, in preparation for the 2027 general elections. An additional ₦268.54 billion was approved to restore the judiciary’s budget ceiling and support the appointment of more judges.
A breakdown of the ₦68.3 trillion budget shows ₦4.79 trillion for statutory transfers, ₦15.4 trillion for recurrent (non-debt) expenditure, ₦32.2 trillion for capital projects, and ₦15.8 trillion for debt servicing.
Lawmakers also revised the oil price benchmark upward from $65 to $75 per barrel, while maintaining other macroeconomic assumptions in line with the 2026–2028 Medium-Term Expenditure Framework.
Despite the passage, the National Assembly emphasised the need for strict implementation. It called for the removal of bureaucratic bottlenecks that delayed fund releases in 2025, urging both the executive and legislature to ensure the budget delivers tangible impact.
In his remarks, Senate President Godswill Akpabio expressed optimism that effective execution of the budget could help reposition Nigeria’s economy and drive sustainable growth.
Meanwhile, lawmakers also approved an extension of the capital component of the 2025 budget, shifting its implementation deadline from March 31 to June 30, 2026. The move is intended to allow more time for the completion of ongoing projects and improve utilisation of allocated funds.
The passage of the 2026 budget signals a renewed push toward infrastructure development and economic recovery, although its ultimate impact will depend on timely execution and fiscal discipline.
