By Nchetachi Chukwuajah
President Bola Tinubu is seeking the National Assembly’s approval for an upward review of the 2026 Appropriation Bill by N9 trillion, which will see the proposed budget increase from N58.4 trillion to N67.4 trillion.
This is even as the president is seeking the Senate’s approval to secure external loans totalling $6 billion to support government financing needs.
The president’s request for an upward review of the 2026 budget was contained in a letter read on the floor of the Senate by the President of the Senate, Godswill Akpabio, during plenary on Tuesday, March 31.
Tinubu explained that the proposed adjustment is intended to enhance fiscal transparency and support the effective execution of key national programmes.
The president said the request was driven by three major considerations, one of which is the need to regularise and settle outstanding legal commitments carried over from previous appropriation cycles so they do not hinder the implementation of the 2026 budget.
He also noted that the review would allow the government to properly capture existing public debt obligations within the fiscal framework.
Tinubu added that the adjustment would also make provision for a limited number of strategic priority projects while aligning the 2026 financing plan in a way that safeguards macroeconomic stability and reduces pressure on the domestic financial market.
Recall that in December 2025, Tinubu presented a N58.18 trillion budget proposal for the 2026 fiscal year to the National Assembly.
Key projections in the budget include expected revenue of N34.33 trillion, total expenditure of N58.18 trillion, N15.25 trillion for recurrent (non-debt) spending, and N26.08 trillion for capital projects.
The proposal also includes a N23.85 trillion deficit, representing 4.28 percent of the country’s Gross Domestic Product, which the President said aligns with the government’s fiscal strategy.
Meanwhile, President Tinubu has requested the Senate’s approval to secure external loans totalling $6 billion to support government financing needs.
The request was conveyed in two separate letters addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary.
Tinubu, in the first letter, sought approval to obtain a $5 billion loan from Abu Dhabi Bank to help cover the country’s budget deficit and support debt financing obligations.
In a separate request, the president asked the Senate to approve a $1 billion loan facility from London-based Citibank to fund the rehabilitation of key port infrastructure projects, including the Lagos Port Complex and the Tin Can Island Port.
According to the president, the port upgrade project is intended to fix existing infrastructure gaps, enhance operational efficiency, strengthen safety standards, promote non-oil trade, and position Nigeria as a stronger regional trade hub.
Following the presentation of the requests, Akpabio referred the letters to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for legislative review and prompt consideration.
