Nigerian Senate Approves ₦68.3 Trillion 2026 Budget

On Tuesday, the Nigerian Senate approved a ₦68.3 trillion budget for the fiscal year 2026, which is ₦9 trillion above the ₦58.472 trillion proposed by President Bola Ahmed Tinubu in December of the previous year. The budget aims to address debt refinancing and fund critical infrastructure projects across various sectors nationwide.

Key provisions include ₦478.60 billion for equity contributions, ₦8.96 billion for feasibility studies on rail projects, and ₦98.50 billion for the Court of Appeal. Additionally, the Senate approved a foreign loan request of $6 billion, comprising $5 billion from Abu Dhabi Bank and $1 billion from UK Export Finance, to support the budget and rehabilitate the Lagos port.

The budget also outlines statutory transfers, recurrent and capital expenditures, and debt servicing, with an oil price benchmark adjustment from $65 to $75. The Senate emphasized the importance of timely fund releases to avoid bureaucratic bottlenecks that hinder project implementation.