…..Approves extension of 2025 budget implementation
The National Assembly on Tuesday passed the 2026 budget at N68.3 trillion after a N9 trillion upward adjustment to President Tinubu’s N58.47 trillion proposal.
This is as it approved an amendment to the 2025 Appropriation Act, extending the implementation period for its capital components from March 31, 2026, to June 30, 2026.
Both chambers approved the harmonised Appropriations Committee reports, giving third reading to the revised fiscal plan.
Chairman, Senate Committee on Appropriations, Solomon Adeola said the increase covers N5.71 trillion in unfunded 2025 capital obligations rolled over to 2026, adding that N2 trillion was included for priority capital projects omitted from the earlier bill.
He informed that another N478.6 billion is set aside under MOFI for federal equity in light‑rail schemes in Lagos, Kano, Kaduna and Ogun, plus studies for Enugu and Maiduguri.
The package, he said includes N8.96 billion for feasibility work on the Calabar‑Maiduguri corridor and Maiduguri‑Sokoto superhighway under the Tinubu Beltway plan.
Some $344.83 million (N482.76 billion) is earmarked for bilateral health interventions, while courts get B98.5 billion (Appeal) and N36.7 billion (Supreme) for 2027 election‑related work.
Overall, Adeola said the N68.3 trillion budget comprises N4.79 trillion statutory transfers, N15.4 trillion recurrent, N32.2 trillion capital and N15.8 trillion debt service.
Oil benchmark was raised from $65 to $75; other MTEF parameters remain unchanged.
Both committees urged prompt releases and tighter oversight to avoid 2025‑style delays, pledging joint monitoring for “Budget‑to‑Impact” execution.
In his remarks, the Senate President Godswill Akpabio said full implementation would “further take Nigeria out of the doldrums.”
Meanwhile, the Senate has approved an extension of the 2025 budget’s capital implementation timeline from March 31 to June 30, 2026.
Akpabio said the amendment to the Appropriation Act gives the executive more breathing room to execute the plan fully.
He explained that pushing the deadline will help ministries complete ongoing capital projects without rushed spending.
The move, Akpabio added, aims to ensure efficient, effective delivery of the 2025 fiscal agenda,
