The Senate has authorised the executive arm of government to spend about N68.323 trillion for the 2026 fiscal year.
President Bola Tinubu had earlier presented an appropriation bill of N58.47 trillion to a joint session of the National Assembly.
On Tuesday, March 31, 2026, he asked the red chamber of the parliament to increase the budget by N9.09 trillion to accommodate legacy commitments, particularly in the transportation and health sectors, as well as additional provisions, including funding for the judiciary.
This request was granted, and the budget proposal was raised and passed at the plenary session presided over by the Senate President, Mr Godswill Akpabio.
The approval came after the Senate adopted the National Assembly’s joint report on the 2026 Appropriation Bill.
A breakdown of the revised budget showed that N4.799 trillion is allocated for statutory transfers, N15.809 trillion for debt servicing, N15.427 trillion for recurrent (non-debt) expenditure, and N32.287 trillion for capital projects.
Further details indicated that N5.71 trillion from the additional provisions is earmarked for the regularisation of outstanding capital obligations carried over from the 2025 budget, alongside ₦2 trillion for previously omitted projects nationwide.
Sectoral allocations include N482.758 billion for the health sector, N478.600 billion for the Ministry of Finance Incorporated (MoFI), and N268 billion for the judiciary, with N36 billion specifically for the Supreme Court and N98.513 million for the Court of Appeal.
Additionally, N8.960 billion was approved for feasibility studies on key road projects, including the Calabar–Maiduguri and Maiduguri–Sokoto corridors.
Meanwhile, the Senate also approved an extension of the capital component of the 2025 budget, shifting its implementation deadline from March 31 to June 30, 2026, to allow for the completion of ongoing projects.
The House of Representatives also approved N68.30 trillion for the 2026 appropriation bill.
The budget is anchored on conservative assumptions, including a crude oil benchmark of US$64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of N1,400 to the US dollar for the 2026 fiscal year.
President Tinubu said the assumptions reflect the administration’s commitment to realism, prudence, and fiscal sustainability.
The National Assembly also approved President Tinubu’s request for a $6.9 billion foreign loan facility, with a key provision mandating that 40 per cent of the funds be channelled towards capital projects in the 2025/2026 budgets.
The approval followed the consideration of a report by the Senate Committee on Local and Foreign Debt, which recommended the allocation to ensure the loan directly supports infrastructure and development projects.
The Senate moved swiftly to review and pass the request during plenary.