The Federal Government has asked the National Assembly to approve a N9.09 trillion increase in the 2026 budget to cover unfinished projects and fund key national priorities.

President Bola Ahmed Tinubu said the extra funds would come from crude oil gains linked to the U.S.–Iran conflict and new loans, both domestic and external. The request was presented to the Senate by its President, Godswill Akpabio.

The National Assembly approved a total 2026 budget of N68.32 trillion, slightly higher than Tinubu’s request. Lawmakers said the increase would fund legacy obligations, infrastructure, healthcare, the judiciary, and preparations for the 2027 elections.

Key allocations include N7.71 trillion for unfinished capital projects from 2025, N478.6 billion for rail projects, N8.96 billion for new road studies, and about N482.8 billion for healthcare interventions. Funding for the judiciary was also increased to help handle election-related disputes.

To pay for the expanded budget, the government plans higher oil revenue, contributions from telecom companies, and N6.16 trillion in extra borrowing. MTN Nigeria and Airtel Nigeria are expected to contribute N874 billion combined in taxes, while oil prices were raised by $10 per barrel for budgeting purposes.

The National Assembly also approved Tinubu’s request for $6 billion in loans, including $5 billion from First Abu Dhabi Bank for debt repayment and budget support, and $1 billion from the UK for port modernization projects.

Experts have urged the government to prioritise security, electricity, infrastructure, and social programmes to ensure that the extra funds deliver real impact.

The 2026 budget projects total revenue of N34.33 trillion against spending of N68.32 trillion, leaving a deficit of N23.85 trillion, or about 4.28% of GDP.