President Bola Tinubu is seeking Senate approval for a significant upward review of the 2026 budget, proposing an additional N9 trillion to the Appropriation Bill.
The request, conveyed in a letter read on the Senate floor during plenary by the Senate President, Mr Godswill Akpabio, would increase the budget size from N58.47 trillion to N67.47 trillion.
According to the President, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring more effective implementation of priority national programmes.
He said the increase will first address outstanding legal commitments carried over from previous appropriation cycles, preventing them from affecting the execution of the 2026 budget.
The proposal also seeks to consolidate existing government debt within the fiscal framework, while making provisions for a limited number of strategic and priority projects.
President Tinubu added that the revised financing plan is designed to preserve macro-fiscal stability and ease pressure on the domestic financial market.
The Senate is expected to consider the request in the coming days.
In December, the President presented the N58.47 trillion 2026 budget proposal to a joint session of the National Assembly, outlining the government’s priorities anchored on economic stability, infrastructure expansion, security and social investment.
The budget was hinged on assumptions including oil production of 1.84 million barrels per day, an oil price benchmark of $64.85 per barrel, and an exchange rate assumption of N1,400 to the Dollar.
Following the presentation, the Senate passed the appropriation bill for first and second readings, paving the way for detailed consideration by relevant committees.