The national assembly has passed N68.3 trillion as the budget for the 2026 fiscal year.
During Tuesday’s plenary, the money measure was approved by the Senate and the House of Representatives.
The report was presented by the committee’s chairman, Adeola Olamilekan, who outlined the key allocations in the spending plan.
Recall that he 2026 appropriations bill, totalling N58.47 trillion, was presented to both houses of the national assembly by President Bola Tinubu in December 2025.
The president subsequently asked the national assembly to increase the budget estimates by N9.81 trillion on Tuesday.
According to Tinubu, the proposal is intended to improve fiscal transparency and guarantee the successful execution of important national initiatives.
Mr. president, also stated that the proposed changes are meant to ensure that the 2026 fiscal program is not burdened by unresolved liabilities from past budgets and to regularise outstanding legacy capital commitments carried over from previous appropriation cycles.
Additionally, the president suggested incorporating outstanding government debt from prior fiscal cycles into the 2026 appropriations framework, pointing out that this change would enable the government to finance a small number of strategic additions in areas like institutional preparedness, transportation, and health.
The president stated that the request was required because it is doubtful that the unfulfilled responsibilities will be fulfilled before the 2025 capital budget implementation window expires.
According to him, the Renewed Hope National Beltway program also includes N8.6 billion for feasibility studies on the Maiduguri–Sokoto motorway and the Calabar–Maiduguri corridor.
He added that the adjustment is designed to preserve macro-fiscal stability and minimise pressure on the domestic credit market.
Meanwhile the senate has also approved President Bola Tinubu’s fresh request for $6 billion in external borrowing.
