Senate passes massive ₦68.3 trillion budget amid rising debt concerns

Nigeria’s upper legislative chamber, the Senate, on Tuesday passed the 2026 Appropriation Bill, significantly increasing the proposed national budget amid rising fiscal demands and economic pressures.

The approved budget now stands at about ₦68.3 trillion, representing an upward adjustment of over ₦9 trillion from the initial proposal submitted by President Bola Tinubu.

The revision reflects additional spending priorities targeted at critical sectors, including infrastructure development, healthcare interventions, judicial funding and preparations for the 2027 general elections.

Breakdown of the budget shows substantial allocations to statutory transfers, debt servicing and recurrent expenditure, alongside a significant capital expenditure component aimed at driving development projects across the country.

The passage of the budget underscores the National Assembly’s constitutional role in scrutinising and adjusting executive proposals to align with national priorities and fiscal realities.

The move comes against the backdrop of growing concerns over Nigeria’s rising debt profile and the sustainability of increased government spending, even as authorities push for expansionary fiscal measures to stimulate economic growth.

With Senate approval secured, attention is expected to shift to harmonisation processes and final legislative procedures before the budget is transmitted for presidential assent.

The 2026 budget is projected to be one of Nigeria’s largest in history, signalling an ambitious spending plan as the government seeks to address infrastructure gaps, boost social services and sustain economic reforms.