Dare Babalola
President Bola Tinubu has asked the Senate to approve an upward revision of the 2026 national budget, proposing an additional N9 trillion to the existing appropriation framework.
The request was communicated in a letter presented during Tuesday plenary by Senate President Godswill Akpabio, outlining plans to raise the budget from N58.4 trillion to N67.4 trillion.
According to the President, the proposed increase is intended to enhance fiscal transparency and improve the execution of key government programmes.
He explained that part of the additional funds would be used to settle outstanding legal obligations carried over from previous budgets, thereby preventing disruptions to the implementation of the 2026 fiscal plan.
The revised proposal also includes measures to incorporate existing government debt into the broader fiscal framework, alongside provisions for a select number of priority and strategic projects.
Tinubu further noted that the updated financing structure is designed to maintain macroeconomic stability while reducing pressure on the domestic financial system.
The Senate is expected to deliberate on the proposal in the coming days.
