Abuja, Nigeria — The Senate of the Federal Republic of Nigeria has approved a ₦68 trillion (about $45 billion) budget for the 2026 fiscal year, raising the total by ₦9 trillion (about $6 billion) above the original proposal submitted by President Bola Ahmed Tinubu.
The budget was passed on Tuesday, March 31, 2026, during plenary at Nigeria’s upper legislative chamber in Abuja, the capital city of the Federal Republic of Nigeria. The increase reflects adjustments made by lawmakers following their review of the spending plan initially presented to the National Assembly of Nigeria.
Okay News reports that the approved appropriation outlines major allocations across statutory transfers, debt servicing, recurrent expenditure, and capital development funding for the year ending Thursday, December 31, 2026.
According to details released after passage, ₦4,799,628,911,806 (about $3.2 billion) was allocated for statutory transfers. These transfers cover constitutionally mandated funding to specific institutions such as electoral bodies and judicial agencies.
Debt servicing received ₦15,809,361,631,657 (about $10.5 billion), reflecting Nigeria’s ongoing commitment to meeting domestic and external loan obligations. Recurrent non debt expenditure was pegged at ₦15,427,257,802,407 (about $10.3 billion), covering salaries, overheads, and day to day government operations.
The largest portion of the budget, ₦32,287,061,472,797 (about $21.5 billion), was earmarked for contributions to the development fund for capital expenditure. This component is expected to finance infrastructure, economic development projects, and public sector investments.
The approval of the budget is significant because it sets the federal government of Nigeria’s fiscal direction for 2026, influencing public spending, economic policy, and development priorities. Government agencies and ministries will now align their programmes with the approved allocations.
Following the Senate’s decision, the next step involves harmonisation with the House of Representatives of Nigeria before the final document is transmitted to President Bola Ahmed Tinubu for assent. Once signed into law, the budget will become the legal spending framework for the federal government for the 2026 fiscal year.
