The 10th Senate has approved a ₦68 trillion budget for the 2026 fiscal year, representing an increase of ₦9 trillion from the initial proposal of ₦59 trillion.
The budget allocation includes: ₦4.8 trillion for statutory transfers; ₦15.8 trillion for debt servicing; ₦15.4 trillion for recurrent (non-debt) expenditure, and ₦32.3 trillion earmarked for capital expenditure through contributions to the development fund
The Budget covers the period ending 31st December 2026.
Prior to the passage of the 2026 budget, President Bola Tinubu had sought the approval of the 10th National Assembly for the increase. Senate President Godswill Akpabio read Tinubu’s letter yesterday, in which the President said the adjustment would strengthen transparency and fund priority programmes.
Tinubu explained the increase will formalise outstanding legal commitments carried over from earlier budgets, keeping them from disrupting 2026 spending. It will also consolidate existing government debts inside the fiscal framework. A third goal, he added, is to fund a handful of strategic projects while protecting macro‑fiscal stability and easing pressure on domestic lenders.
When he presented the ₦58.18 trillion ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’ last December, Tinubu earmarked N5.41 trillion—about 9.3%—for defence and security.
The original plan assumed ₦34.33 trillion revenue, ₦58.18 trillion expenditure, ₦15.25 trillion recurrent (non‑debt) costs and ₦26.08 trillion capital spending, leaving a N23.85 trillion deficit (4.28% of GDP).
President Tinubu said those figures reflect realism and growth‑focus, built on a $64.85/barrel oil benchmark, 1.84 million bpd output and ₦1,400/$ rate, stressing the numbers are “a statement of national priorities,” pledging fiscal sustainability, debt transparency and value‑for‑money in execution.
