Senator Adeola Provides Details on ₦9 Trillion Budget Increase for 2026
Senator Olamilekan Adeola Solomon, Chairman of the Senate Committee on Appropriation, has offered comprehensive clarifications regarding the ₦9 trillion augmentation in the 2026 Appropriation Bill, elevating the total budget to ₦68.323 trillion. Addressing the National Assembly and journalists, Adeola emphasized that this adjustment stemmed from a formal Executive request to address emerging national priorities and funding gaps in critical sectors, ensuring transparency and adherence to legislative procedures.
Rationale Behind the Budget Adjustment
Initially, President Bola Ahmed Tinubu presented a ₦58.4 trillion budget to the National Assembly in December 2025. Following joint deliberations by both legislative chambers, lawmakers approved an approximate ₦9 trillion increase after meticulously reviewing Executive submissions. Adeola described the revised budget as a "Budget of Consolidation" under the Renewed Hope Agenda, aimed at sustaining ongoing reforms and bolstering economic recovery efforts. He assured that all additions were justified and scrutinized to prevent disruptions in government operations.
Key Allocations in the Revised Budget
The budget adjustments include significant allocations for various sectors:
- Infrastructure: ₦456 billion for a strategic initiative promoting equitable regional development.
- Health Sector: ₦482 billion for counterpart funding tied to international agreements to enhance healthcare delivery.
- Judiciary: ₦403 billion to address case backlogs and personnel needs, particularly in the Court of Appeal.
- Project Continuity: ₦5.71 trillion to sustain ongoing projects and ₦2 trillion for legacy projects from previous administrations.
- Feasibility Studies: ₦8.69 billion for preparatory works on a proposed super highway project.
Funding Strategy for the Increase
Adeola outlined that the ₦9 trillion increase is financed through a combination of sources:
- Higher revenue benchmarks, including an oil price increase from $65 to $75 per barrel, generating an estimated ₦2.5 trillion.
- Independent revenue from agencies like the Nigerian Communications Commission (NCC), with significant contributions expected from telecom operators such as MTN and Airtel.
- Borrowing, acknowledged as a common practice to support development, with funds directed toward infrastructure projects.
Addressing Debt Concerns and Economic Outlook
In response to concerns about Nigeria's rising debt profile, Adeola stated that the government is committed to servicing debts, much of which originated from previous administrations, to maintain global financial reputation. He urged focus on the utilization of funds for infrastructure and economic growth, highlighting visible progress in road constructions and other projects. Adeola expressed optimism about Nigeria's economic stabilization, citing improved macroeconomic indicators, increased investor confidence, and secured foreign investments from recent international engagements.
He concluded by affirming ongoing collaboration between the National Assembly and the Executive to ensure effective budget implementation, aiming for sustained growth and Nigeria's resurgence as a leading African economy.
