Senate, House pass N68.3tr 2026 Appropriation Bill

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He noted that the proposal aligns with the administration’s goal of stabilising the economy, boosting competitiveness and improving living standards.

Adeola explained that the additional N9 trillion was necessitated by the need to settle outstanding obligations and fund critical projects.

According to him, N5.71 trillion is earmarked for legacy capital commitments carried over from previous budgets, while N2 trillion is allocated to constituency projects not captured in the original proposal.

He added that part of the adjustment would support key infrastructure, including major highways and rail projects, as well as strategic interventions in transport, health and governance.

Providing a breakdown of the budget, Adeola said total expenditure stands at N68.3 trillion, comprising N4.799 trillion for statutory transfers, N15.809 trillion for debt servicing, N15.427 trillion for recurrent (non-debt) spending, and N32.287 trillion for capital expenditure.

He emphasised that the capital component represents a significant increase compared to previous budgets, reflecting a stronger focus on infrastructure, security, education and social welfare.

On funding, Adeola said the revised framework includes an increase in the oil benchmark from $65 to $75 per barrel, projected to generate an additional N2.592 trillion.

According to him, Improved tax revenue from the telecommunications sector is also expected to contribute about N874 billion, while external borrowing will rise by N6.16 trillion.

He said: “The budget of consolidation, renewed resilience and shared prosperity reflects the executive’s determination to lock in macroeconomic stability, deepen competitiveness and ensure that growth translates into decent jobs, rising income and a better quality of life across the federation.

“The proposed adjustments were intended to regularise the outstanding legacy capital commitments carried over from previous appropriation cycles, thereby ensuring that the 2026 fiscal programme is not unduly burdened by unresolved obligations from earlier years.”

He said the adjustment would fund key infrastructure, including rail projects and major highways.

“The proposal also sought to accommodate strategic interventions in transport, health and institutional preparedness considered critical to national development and governance continuity,” he added.

Adeola outlined the funding framework, saying: “An increase in the oil benchmark by $10 will generate additional revenue of N2.592 trillion, while improved performance in the telecommunications sector is expected to yield about N874 billion in taxes from major operators.”

In the House of Representatives, Chairman of the Appropriations Committee, Abubakar Kabir Bichi, said the upward review followed extensive consultations with the executive.

He noted that the additional funding is intended to address infrastructure gaps and enhance service delivery across critical sectors.

Lawmakers who contributed to the debate welcomed the inclusion of major infrastructure projects across the country.

Senator Mohammed Tahir Monguno cited projects such as the Maiduguri–Sokoto Highway and the Calabar–Maiduguri rail line as evidence of inclusive development.

Senator Mohammed Danjuma Goje urged the executive to prioritise implementation, stressing that the impact of the budget depends on effective execution.

“It is not enough to propose; the important thing is implementation,” he said.

Senate President Godswill Akpabio commended lawmakers for what he described as a rigorous and patriotic process.

He praised the Appropriations Committees for producing a detailed report and noted that both chambers passed identical versions of the bill, eliminating the need for a conference committee.

Akpabio expressed optimism about the implementation of the budget, citing expected gains from tax reforms and improved revenue generation.

He said the fiscal plan would support economic recovery and improve the welfare of Nigerians.

In its report, the joint committee observed that the initial proposal included increased allocations to key ministries, particularly the Ministry of Works, to support ongoing and new infrastructure projects across the six geopolitical zones.

It also noted that about 70 per cent of capital projects were rolled over to 2026 due to revenue constraints in 2025.

The committee stated that the adjustments would enable the government to fully implement outstanding obligations while prioritising critical sectors such as security, health, education and infrastructure.

Speaking to reporters after the passage, Adeola defended the increase in the budget, saying lawmakers undertook a thorough review.

He explained that the additional funding would be sourced through a combination of benchmark adjustments, improved independent revenue and borrowing.

He added that the government expects increased inflows from sectors such as telecommunications, alongside gains from ongoing economic reforms.

Adeola also addressed concerns about rising debt, noting that borrowing is a common fiscal tool globally.

He said many of the debts being serviced were inherited and stressed that the key consideration is the effective utilisation of borrowed funds.

He expressed confidence that ongoing reforms and increased investor confidence would support economic growth and improve living conditions.