By Naomi Sharang
The Senate has approved the N68.3trillion Appropriation Bill for the 2026 fiscal year.
The approval followed the presentation and the consideration of the report of the Senate Committee on Appropriations in the Committee of Supplies during Tuesday’s plenary.
The report was presented by the Chairman of the committee, Sen. Olamilekan Adeola (APC-Ogun).
Adeola recalled that President Bola Tinubu had, on Dec. 19, 2025,
laid before the joint sitting of the National Assembly the 2026 Appropriations Bill.
“The 2026 Budget, themed Budget of Consolidation, Renewed Resilience and Shared Prosperity, reflects the executive’s determination to lock in macroeconomic stability.
“The committee hereby recommends that the Senate do consider and approve a Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N68trillion,” he said.
Of the amount, he said that N4.7trillion was for statutory transfers, N15.8trillion for debt servicing and N15trillion for recurrent (non-debt) expenditure, while N32 trillion was for contribution to the development fund for capital expenditure, with the accompanying schedules and details.
Adeola further said that bureaucratic bottleneck that led to the challenges of late releases of funds in 2025 should be addressed holistically.
“Deliberate efforts must be made in 2026 by the senate, in collaboration with the executive, to implement the 2026 appropriation holistically.
“The Appropriation (Repeal and Enactment) Act, 2025 should be extended to 30th June, 2026,” he said.
The senator added that the capital component reflected the Tinubu administration’s strong emphasis on infrastructure development, while the substantial allocation for debt servicing highlighted the continuing pressure of Nigeria’s debt obligations on public finances.
“Recurrent expenditure remains significant, covering personnel and administrative costs, while statutory transfers will fund key institutions, including the judiciary and other constitutionally-backed bodies.
“The budget approval comes alongside the senate’s consideration of sweeping adjustments requested by President Bola Tinubu, aimed at addressing outstanding capital commitments and funding strategic national projects.
“A major component of the adjustment is the inclusion of N5.71trillion in legacy capital obligations carried over from the 2025 fiscal cycle, alongside N2trillion earmarked for priority projects across key sectors,” he said.
In his remarks, Senate President, Godswill Akpabio, commended Adeola and members of the appropriation committee for their tireless work on the bill which had now been passed for the third time.
“Your dedication and sacrifice over several months have not gone unnoticed, and you have truly served the nation well.
“Our prayer in the senate is that God will grant the current President, Bola Tinubu, the necessary resources to meet the obligations of this budget for the benefit of our country.
“Congratulations to all distinguished senators and also to members of the House of Representatives who have worked collaboratively to ensure the passage of this bill.
“This joint effort has eliminated the need for a conference committee.
Congratulations as well to all Nigerians.
“With the loans approved and the anticipated increase in revenue from tax reforms, we are confident that this budget will be realistic, beneficial and capable of renewing hope across the nation.
“It is our expectation that this will contribute to a successful and impactful first term for the administration,” Akpabio stated.(NAN)(www.nannews.ng)
Edited by ‘Wale Sadeeq
