By Abbanobi -Eku Onyeka
Abuja
Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, addressed the press to explain the adjustments made to the 2026 budget. He stated that the National Assembly passed a budget of ₦64.832 trillion, up from the ₦58.015 trillion proposed by President Bola Tinubu.
Adeola attributed the ₦9 trillion increase to the need to address pressing national issues. He explained that the increase was funded through a combination of increased benchmark oil price, independent revenue, and borrowing, just as he highlighted the government’s efforts to improve the economy, citing increased investment and reforms yielding results. He noted that the country’s macro-economic indices are looking good, with new investments coming in.
Adeola explained that the ₦9 trillion increase was funded through a combination of increased benchmark oil price, independent revenue, and borrowing. The benchmark oil price was increased from $65 to $75 per barrel, generating ₦2.5 trillion. The Nigerian Communications Commission (NCC) is expected to contribute ₦870 billion in taxes.
The Senate Committee Chairman however, addressed concerns about borrowing, saying Nigeria needs to invest in infrastructure to drive growth. He noted that the country’s global rating is improving, and the administration is paying ₦2.2 trillion in debt service monthly.
Highlighting the administration’s efforts to attract investment, citing a £1 billion investment deal in London and other agreements, he urged Nigerians to support the government’s efforts to drive growth and development, even as he mentioned additional provisions made in the budget, including ₦5.7 trillion for projects and ₦2 trillion for legacy projects.
Adeola however concluded by saying the administration is committed to making Nigeria work and invited further questions from the press.
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