The National Assembly has passed a N68.32 trillion budget for 2026, with the government planning to fund the expanded spending largely through telecommunications revenue, oil windfalls, and external borrowing, ENigeria Newspaper findings have revealed.
Lawmakers clarified that the budget, which is N9.1 trillion more than President Bola Tinubu’s original N58.47 trillion request, intends to pay for priority projects, unmet capital obligations, and strategic sector initiatives in the areas of infrastructure, security, health, and education.
With a predicted revenue of N2.592 trillion based on Nigeria’s anticipated daily output of 1.84 million barrels, the oil benchmark was increased from $65 to $75 per barrel. Telecommunications businesses, such as MTN Nigeria and Airtel Nigeria, are expected to generate N874 billion in revenue through taxes and regulatory fees, with MTN contributing N724 billion and Airtel N150 billion.
To close the finance shortfall, the budget also calls for N6.163 trillion in fresh external borrowing, with authorities stressing that the borrowing stays within reasonable bounds. President Tinubu requested the budget increase, citing the need to protect macroeconomic stability, fund vital infrastructure, and regularize unfulfilled obligations from the 2025 budget.
Meanwhile, one of the major allocations under the capital and strategic interventions include the N5.71 trillion put aside to pay for unmet capital liabilities left over from the 2025 budget. Additionally, N2 trillion has been set aside by the government for high-priority national projects in several sectors. N478.6 billion has been set aside to fund Presidential Legacy Light Rail Projects in Lagos, Kano, Kaduna, and Ogun States under the Ministry of Finance Incorporated structure. Feasibility studies for the Maiduguri–Sokoto Superhighway and the Calabar–Maiduguri Corridor would be funded with an additional N8.96 billion.
The government has set aside N482.76 billion, or roughly $344.83 million, for priority investments in the health sector with the goal of enhancing healthcare infrastructure and service delivery. Before the 2027 elections, the judiciary would get N268.54 billion for judicial growth, N36.7 billion for the Supreme Court, and N98.5 billion for the Court of Appeal. N2.69 trillion is given to security agencies by the Ministry of Defense to improve internal security and national defense.
The budget also includes statutory transfers to the National Assembly (N577.85 billion), INEC (N1 trillion), Public Complaints Commission (N29.46 billion), Niger Delta Development Commission (N618.13 billion), North-East Development Commission (N244.07 billion), North-West Development Commission (N145 billion), and other geopolitical zones.
Foreign debt commitments total N5.36 trillion, while domestic debt servicing, including methods and means, is estimated at N10.16 trillion.
The chairman of the Senate Committee on Appropriations, Senator Solomon Adeola, emphasized that in order to improve public service delivery and guarantee preparedness for the 2027 elections, more funding was required for infrastructure, health, security, and the judiciary.
ENigeria Newspaper also reported that, in order to allow for the continuation of projects carried over into the upcoming fiscal year, the House of Representatives, led by Speaker Tajudeen Abbas, also approved extending the execution of the 2025 capital budget until June 30, 2026.
The budget is anticipated to be delivered to the President for assent in the upcoming days following the adoption of the Appropriations Bill.
