The National Assembly yesterday passed the 2026 Appropriations Bill of N68.3 trillion. It followed the adoption of the harmonised report of its Committees on Appropriations by both the Senate and the House of Representatives.
The passage came after President Bola Ahmed Tinubu requested an upward review of the initial N58.472 trillion proposal he presented to a joint session of the legislature in December.
Lawmakers approved an additional N9trillion, raising the budget size to N68.3 trillion. Both chambers adjourned plenary sittings until April 21. With the passage of the budget yesterday, the lawmakers lived up to their promise to pass the document last month.
Also, the rollover of the capital component of the 2024/2025 budget was extended by both chambers from March 31 to June 30. Along with the 2026 Appropriation Bill passage, the lawmakers also approved a $6 billion loan as requested by the President to finance projects, including the rehabilitation of the Apapa/TinCan ports in Lagos. Part of the loan will be used to support the 2026 budget deficit.
Presenting the report in the Senate, Chairman of the Committee on Appropriations, Solomon Olamilekan Adeola, said the budget was designed to promote economic consolidation, resilience and shared prosperity.
