The Senate has approved a total expenditure of ₦68.32 trillion for the 2026 fiscal year. This follows the adoption of presidential proposals that increased the budget by about ₦9.09 trillion. The spending plan includes allocations for capital projects, recurrent expenditure, debt servicing, and statutory transfers.
The capital expenditure takes the largest share, reflecting a focus on infrastructure development. Debt servicing also accounts for a significant portion, highlighting ongoing financial obligations. Recurrent spending will cover salaries and administrative costs, while statutory transfers will support key government institutions.
Lawmakers also endorsed adjustments proposed by President Bola Ahmed Tinubu to address outstanding commitments and fund priority projects. These include provisions for legacy capital projects carried over from the previous fiscal year and funding for major infrastructure, transport, and health initiatives across the country.
To finance the expanded budget, the government plans to boost revenue through higher oil price benchmarks, increased tax contributions from telecommunications companies, and external borrowing. The latest approval also highlights concerns about rising debt levels and fiscal sustainability.
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