Senate Committee Chairman Discusses 2026 Budget Adjustments

Solomon Adeola, the Chairman of the Senate Committee on Appropriations, addressed the press regarding the ₦64.832 trillion budget passed by the National Assembly for 2026, which reflects a ₦9 trillion increase from the ₦58.015 trillion proposed by President Bola Tinubu. Adeola attributed this increase to the need to address national issues and highlighted factors such as the combined increase in benchmark oil prices, independent revenue, and borrowing.

He noted that the benchmark oil price has risen to $65-$75 per barrel, generating an additional ₦2.5 trillion. The Nigerian Communications Commission (NCC) is expected to contribute ₦870 billion in tax.

Adeola acknowledged concerns regarding borrowing but emphasized the necessity of investing in infrastructure to drive growth. He mentioned that the administration has made efforts to attract investments, including a $1 billion investment deal from a London agreement.

The budget also includes provisions for ₦5.7 trillion in projects and ₦2 trillion for legacy projects, reinforcing the administration's commitment to making Nigeria work.