President Bola Tinubu is seeking Senate approval for a significant upward review of the 2026 budget, proposing an additional nine trillion naira to the Appropriation Bill.
The request, conveyed in a letter read on the Senate floor during plenary by the Senate President, would increase the budget size from 58 point four trillion naira to 67 point four trillion naira.
According to the President, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring more effective implementation of priority national programmes.
He says the increase will first address outstanding legal commitments carried over from previous appropriation cycles, preventing them from affecting the execution of the 2026 budget.
The proposal also seeks to consolidate existing government debt within the fiscal framework, while making provisions for a limited number of strategic and priority projects.
President Tinubu adds that the revised financing plan is designed to preserve macro-fiscal stability and ease pressure on the domestic financial market.
The Senate is expected to consider the request in the coming days.
