President Bola Ahmed Tinubu on Tuesday asked the National Assembly to approve a N9.09tn increase in the 2026 budget. Presenting the report, Chairman of the Senate Committee on Appropriations, Solomon Adeola, said the increase was necessary to address outstanding commitments and align the budget with prevailing economic conditions. To finance the expanded budget, the committee proposed a combination of revenue measures and borrowing. This includes a $10 per barrel increase in the oil benchmark, expected to generate about N2.592tn in additional revenue. However, lawmakers raised concerns over delays in fund releases and other bureaucratic challenges that affected the implementation of the 2025 budget.

Source: Punch April 01, 2026 06:34 UTC