The Senate adopted the ₦9.09 trillion budget expansion request by President Bola Ahmed Tinubu, and thereafter, approved an aggregate budget of ₦68.32 trillion for the 2026 fiscal year.
The Upper Chamber of the National Assembly also extended the capital component of the 2025 budget to June 31st 2026.
A breakdown of the budget indicated ₦32.29 trillion capital expenditure, ₦15.43 trillion recurrent expenditure, ₦15.81 trillion earmarked for debt servicing, and ₦4.80 trillion set aside for statutory transfers to constitutionally backed institutions.
To fund the budget, the government plans a mix of revenue growth and borrowing. A $10-per-barrel increase in the oil benchmark is expected to generate ₦2.592 trillion, while telecom reforms could bring in about ₦874 billion. roughly ₦6.163 trillion will need to come from external borrowing. These steps aim to close the financing gap for 2026.
The 2026 budget aims to accelerate infrastructure delivery, strengthen institutions, and support economic growth. Investments in transportation and governance are expected to improve productivity and service delivery.
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