Nigeria’s 2026 budget has been raised to ₦68.323 trillion, following the Senate’s approval of the revised appropriation bill in Abuja on Tuesday.
The figure represents an increase of over ₦9.091 trillion from the initial ₦58.47 trillion proposal presented by President Bola Tinubu on December 19, 2025.
The additional funds were requested by the president to accommodate legacy commitments in key sectors such as transportation and health, alongside provisions for the judiciary and other obligations.
A breakdown of the increase shows that ₦5.71 trillion is earmarked for the regularisation of outstanding capital obligations carried over from the 2025 budget.
It also includes ₦2 trillion for previously omitted projects nationwide.
Further allocations cover ₦482.758 billion for the health sector, ₦478.600 billion for the Ministry of Finance Incorporated, and ₦8.960 billion for feasibility studies on the Calabar–Maiduguri Corridor and the Maiduguri–Sokoto Super Highway.
Additionally, ₦98.513 million was allocated to the Court of Appeal, ₦268 billion to the judiciary, and ₦36 billion to the Supreme Court.
The approved budget outlines ₦4.799 trillion for statutory transfers, ₦15.809 trillion for debt servicing, ₦15.427 trillion for recurrent expenditure excluding debt, and ₦32.287 trillion for capital projects.
Alongside the passage, the Senate extended the implementation period for the capital component of the 2025 budget from March 31 to June 30, 2026.
Senate Leader Opeyemi Bamidele, who moved the motion, said the extension became necessary due to slow implementation despite the release of about 30 per cent of funds to Ministries, Departments and Agencies.
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He stated that the extension would allow the needed time to fully execute the capital projects.
Meanwhile, the Senate also approved two fresh loan requests from the president, amounting to $6.9 billion.
The first is a $5 billion facility from First Abu Dhabi Bank in the United Arab Emirates.
The second, valued at $1.9 billion from Citibank in London, is intended for the upgrade of Apapa and Tin Can ports in Lagos.
Available records show that the federal government has secured external loans exceeding $40 billion since 2023.
However, Chairman of the Senate Committee on Appropriations, Senator Adeola Solomon Olamilekan, defended the borrowing, insisting that the funds have been properly utilised.
He argued, “If borrowing is used for the purpose it is meant for, there is no problem with it.
“There is no doubt that this current administration is doing well and doing everything to set the country right.
“What we should be asking is whether the money is being used well? For me, I will say yes.
“The Tinubu administration deserves commendation for working to return Nigeria to its past glory.”