By Gloria Ikibah
President Bola Tinubu has approached the House of Representatives for approval to revise the 2026 budget, proposing a substantial adjustment aimed at settling outstanding obligations and financing priority national projects.
In a formal request addressed to Speaker Tajudeen Abbas, the President outlined plans to restructure the fiscal framework in response to lingering commitments and emerging development needs. 
A significant portion of the proposal centres on clearing approximately N5.71 trillion in unpaid capital obligations carried over from the 2025 budget. The move is intended to prevent a backlog of unfinished projects from spilling into and weighing down the current fiscal cycle.
Alongside this, the administration is seeking approval for about N2 trillion in fresh capital expenditure to fund strategic initiatives across key sectors that were not originally captured in the approved budget.
The revised plan also makes provision for targeted investments, including nearly N478.6 billion in federal equity contributions to ongoing light rail projects in Lagos, Kano, Kaduna and Ogun states, as well as feasibility studies for proposed rail systems in Enugu and Maiduguri.
Further allocations cover roughly N482.76 billion for health sector interventions linked to international commitments, in addition to funding earmarked for infrastructure studies under a national highway development scheme.
The judiciary is not left out, with proposed allocations of N98.5 billion for the Court of Appeal and N36.7 billion for the Supreme Court, aimed at strengthening the justice system in the lead-up to and aftermath of the next presidential election cycle.
In total, the adjustment is projected at about N9.08 trillion, combining legacy obligations with new spending priorities.
To fund the expansion, the government is looking towards external financing options in a bid to ease pressure on domestic borrowing, safeguard private sector access to credit and help stabilise interest rates.
Lawmakers have been urged to fast-track consideration of the proposal to ensure the smooth execution of the 2026 budget and avoid delays in critical national projects.
