News
Senate Passes ₦68.32trn 2026 Budget, Increases Tinubu’s Proposal
Senate Passes ₦68.32trn 2026 Budget, Increases Tinubu’s Proposal
The Senate on Tuesday passed Nigeria’s ₦68.32 trillion 2026 Appropriation Bill, marking a sharp increase from the ₦58.47 trillion initially presented by Bola Ahmed Tinubu in December 2025.
The upper chamber approved the revised figure following a formal request by the President, who sought an upward review of the budget to reflect additional fiscal realities, legacy obligations, and priority national projects.
The spending plan, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is aimed at sustaining macroeconomic reforms, boosting economic growth, job creation, and poverty reduction, while strengthening social protection for vulnerable Nigerians.
The approved total of ₦68,323,309,818,667 includes ₦4.8 trillion for statutory transfers, ₦15.81 trillion for debt servicing, ₦15.43 trillion for recurrent expenditure, and ₦32.29 trillion for capital expenditure, with the capital component taking the largest share to drive infrastructure and development.
A major driver of the increase is the inclusion of about ₦7.71 trillion to settle outstanding capital projects rolled over from the 2025 fiscal year, alongside an additional ₦2 trillion earmarked for new priority interventions across sectors. Lawmakers noted that a significant number of 2025 projects could not be completed due to revenue constraints, necessitating their rollover.
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The Senate also approved key strategic interventions, including ₦478.6 billion as equity contribution for presidential legacy rail projects in Lagos, Kano, Kaduna, and Ogun states, as well as feasibility studies for urban rail systems in Enugu and Maiduguri. It further cleared ₦8.96 billion for feasibility studies covering the Calabar–Maiduguri corridor and the Maiduguri–Sokoto superhighway, underscoring a renewed focus on nationwide connectivity.
In the health sector, the budget provides ₦482.76 billion for critical interventions tied to Nigeria’s bilateral and multilateral commitments, while the judiciary received significant allocations. These include ₦98.5 billion for the Court of Appeal, ₦36.7 billion for the Supreme Court, and ₦268.54 billion to strengthen judicial capacity, particularly ahead of the 2027 general elections.
On the revenue side, the fiscal framework is supported by an upward adjustment of the oil benchmark, projected to generate an additional ₦2.59 trillion, alongside increased non-oil revenue expectations. Lawmakers highlighted improved performance in the telecommunications sector, projecting about ₦724 billion in company income tax from MTN Nigeria and ₦150 billion from Airtel Nigeria.
To finance the deficit, the government proposed additional borrowings of about ₦6.16 trillion, reflecting ongoing reliance on debt to support budget expansion amid revenue limitations.
The bill underwent extensive legislative scrutiny, including committee reviews, engagements with the President’s economic team, and a public hearing involving Ministries, Departments and Agencies (MDAs), civil society organisations, and other stakeholders.
The Senate Committee on Appropriations explained that the adjustments were necessary to “regularise outstanding legacy capital commitments” and prevent the 2026 budget from being weighed down by unresolved obligations. It also noted that nearly 70 per cent of capital projects were rolled over due to revenue shortfalls in 2025.
Lawmakers expressed concerns over delays in fund releases during the previous fiscal year and warned against bureaucratic bottlenecks that could hinder implementation. They called for stronger coordination between the executive and legislature, alongside strict oversight to ensure that budgetary allocations translate into tangible development outcomes.
In a related resolution, the Senate approved the extension of the 2025 Appropriation Act implementation period to June 30, 2026, to allow completion of ongoing projects.
Speaking after the passage, Senate President Godswill Akpabio said the revised budget would ensure adequate funding for critical sectors and accelerate national development. He added that the harmonised work between both chambers eliminated the need for a conference committee and expressed optimism that increased revenue—particularly from ongoing tax reforms—would support effective implementation.
The passage of the 2026 budget signals the Federal Government’s continued push to balance economic reforms, infrastructure expansion, and social investment, even as concerns persist over rising debt levels and fiscal sustainability.
Senate Passes ₦68.32trn 2026 Budget, Increases Tinubu’s Proposal
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Education
Oyo Muslim Leaders Receive Saudi Delegation, Intensify Drive for Muslim College of Nursing
Oyo Muslim Leaders Receive Saudi Delegation, Intensify Drive for Muslim College of Nursing
OYO, August 1, 2026 – Muslim leaders in Oyo Kingdom on Saturday received a high-powered delegation from the Kingdom of Saudi Arabia in a visit that underscored growing collaboration in education, healthcare and Islamic development, with renewed commitment towards the establishment of a Muslim College of Nursing in Oyo.
The delegation was accorded a warm reception at a gathering attended by prominent Islamic scholars and community leaders from Oyo Land.
Among the dignitaries present were the Grand Chief Imam of Oyo Land, Fadhilatu Shaykh Imam Bilaal Husayn Akinola Akeugberu; Ash-Shaykh Sulayman Akhyar, who served as the special guest; Ash-Shaykh Mainasaro, the Ameerul Muslimeen; the Aare Musulumi of Oyo Land, Alhaji Adebayo Kamarise; the Chairman of the Muslim Community of Oyo Land; Khalifa Hasbunallah Al-Oyowiyy; and several other religious leaders and stakeholders.
The gathering focused on mobilising support for the proposed Muslim College of Nursing, an initiative aimed at expanding access to quality healthcare education while promoting excellence in professional training within the Muslim community.
In his welcome address, the Grand Chief Imam of Oyo Land, Shaykh Bilaal Husayn Akinola Akeugberu, expressed appreciation to the Saudi delegation and other distinguished guests for identifying with the vision of establishing the institution. He described the proposed college as a strategic investment in human capital development that would benefit not only Muslims but the wider society.
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Also present at the event were the Muslim Ummah of Oyo Land and Fadhilatu Shaykh Dr. Rofeeu Adisa Ballo, who joined other leaders in reaffirming their commitment to ensuring the successful establishment and growth of the proposed college.
Speakers at the event stressed the importance of strengthening educational and healthcare institutions capable of producing highly skilled professionals while nurturing moral and ethical values rooted in Islamic teachings.
Special prayers were offered for the success of the proposed institution, with participants praying that Almighty Allah bless the sponsors, donors, scholars and all individuals contributing to the realisation of the project.
The visit also featured discussions on strengthening the longstanding relationship between the Muslim community in Oyo Kingdom and the Kingdom of Saudi Arabia. Participants emphasised the need for sustained cooperation in religious, educational and humanitarian programmes aimed at advancing the welfare of the Muslim Ummah.
In a symbolic gesture that drew commendation from attendees, the Grand Chief Imam granted approval for the head of the Saudi delegation to lead the Jumu’ah prayer at the Oyo Central Mosque, Akesan.
The honour, according to participants, reflected the spirit of Islamic brotherhood, mutual respect and unity among Muslims across national boundaries.
Addressing the gathering, the Chief Imam reiterated that Islam encourages peace, dialogue and cooperation among believers, urging Muslim communities around the world to work together in promoting justice, harmony and understanding.
He said such partnerships remain essential to addressing contemporary challenges through education, religious enlightenment and community development.
Responding on behalf of the delegation, its leader expressed gratitude to the Chief Imam, traditional Muslim leadership and the people of Oyo for the warm reception accorded the visitors.
He described the opportunity to lead the Jumu’ah prayer as a great honour and reaffirmed Saudi Arabia’s commitment to strengthening religious cooperation and supporting initiatives that promote peace, unity, education and mutual understanding among Muslims.
The delegation noted that collaborations centred on education and healthcare development would contribute significantly to the growth of Muslim communities and the overall advancement of society.
The event concluded with prayers for enduring peace, stability and prosperity in Nigeria, Saudi Arabia and the global Muslim Ummah.
Participants described the visit as a landmark engagement that not only reinforced the bonds of brotherhood between Oyo Muslims and their Saudi counterparts but also provided renewed momentum for the actualisation of the Muslim College of Nursing, which they said would serve generations of students and healthcare professionals.
Oyo Muslim Leaders Receive Saudi Delegation, Intensify Drive for Muslim College of Nursing
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CJN orders lawyers to stop using ‘Barrister’ before their names
News
FG to phase out electricity subsidy from 2027 as power sector debts rise
FG to phase out electricity subsidy from 2027 as power sector debts rise
The Federal Government has announced plans to gradually phase out electricity subsidies from 2027 as part of efforts to address rising debts in the power sector, improve financial sustainability and strengthen electricity supply across the country.
Minister of Power Joseph Tegbe disclosed the plan during a media interactive session on Friday, saying the government would introduce the changes gradually while ensuring that Nigerians continue to have access to electricity.
Tegbe said the Federal Government had received a mandate from President Bola Tinubu to clear outstanding debts in the electricity industry and establish a sustainable system that would prevent the accumulation of new obligations.
“We have the mandate of Mr President to clear the legacy debt and come up with sustainable structures to make sure this doesn’t pile up any more,” the minister said.
He expressed confidence that the government would bring an end to the current electricity subsidy arrangement in 2027 while working to improve the quality and reliability of power supply.
“I promise you, next year, by God’s grace, we will put a stop to this so-called subsidy in the power sector,” Tegbe said.
The minister assured consumers that the planned reforms would not result in a loss of access to electricity services.
According to him, the government’s objective is to reduce the financial burden created by the subsidy system while improving the performance of the electricity sector.
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“Mr President, we will not deprive Nigeria of anything. We’ll make sure Nigerian consumers continue to have power and improve power services,” he added.
Tegbe also stated that there was no immediate plan to increase electricity tariffs, despite concerns that the proposed phase-out of subsidies could lead to higher electricity bills.
However, the minister did not provide details on the timetable for the subsidy withdrawal, the categories of consumers that may be affected or the measures that would be introduced to protect low-income and vulnerable households.
The planned reform comes amid growing concerns over the financial challenges facing Nigeria’s electricity industry.
The Federal Government previously estimated the cost of electricity subsidies at about ₦3 trillion as of February 2024, while power generation companies, known as GenCos, have continued to report significant unpaid obligations.
The Association of Power Generation Companies has said electricity generation companies are owed about ₦6.5 trillion, raising concerns about the financial health of the sector and its ability to sustain electricity generation.
The outstanding debts include unpaid invoices and other obligations linked to electricity supplied to the national grid.
To address the problem, President Tinubu recently approved a ₦4 trillion power sector debt reduction programme aimed at settling verified legacy debts and improving liquidity across the electricity value chain.
The programme is expected to support the payment of outstanding obligations owed to power generation companies and other participants in the sector.
In January 2026, the Federal Government issued an inaugural ₦501 billion bond under the Presidential Power Sector Debt Reduction Programme.
The bond was designed to help settle verified debts owed to electricity generation companies and support efforts to stabilise the sector.
On July 20, the government announced a second tranche of about ₦729 billion to settle additional verified debts owed to power generation companies.
The debt-settlement programme is expected to reduce financial pressure on electricity producers and improve their capacity to maintain operations, pay gas suppliers and invest in power infrastructure.
The proposed subsidy phase-out also aligns with recommendations by the International Monetary Fund (IMF), which has encouraged Nigeria to gradually reduce broad electricity subsidies and adopt more targeted support for households that need assistance.
Supporters of the reform argue that reducing subsidies could improve the financial viability of the electricity market, attract private investment and help power companies maintain and expand infrastructure.
However, consumer groups and businesses have raised concerns that higher electricity costs could increase financial pressure on households and raise operating expenses for companies.
The impact of the proposed reform may depend on the government’s ability to improve electricity supply, expand access to prepaid meters, reduce estimated billing and ensure that consumers receive better services.
Earlier this year, President Tinubu also directed ministries, departments and agencies to apply existing electricity laws in determining how subsidy costs should be shared among the federal, state and local governments in the 2026 budget.
The move is expected to support a more coordinated approach to electricity financing following reforms that expanded the role of state governments in electricity generation, transmission and distribution.
As the 2027 target approaches, the Federal Government is expected to provide more details on the implementation framework, consumer protection measures and the steps that will be taken to prevent the reforms from causing undue hardship.
The government will also face growing pressure to ensure that improvements in electricity generation, transmission and distribution accompany the gradual withdrawal of subsidies.
For many consumers, the success of the policy may ultimately be measured by whether it delivers more reliable electricity, fair billing, improved customer service and better value for money.
FG to phase out electricity subsidy from 2027 as power sector debts rise
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