Senator Solomon Olamilekan Adeola stated that the budget presented by the President was extended to March 31, effectively ending today.
However, he noted that not all of the allocated 30% of the budget has been disbursed. “If we fail to make this provision, the budget will be underfunded, leaving only 70% of the 2026 allocation available,” he explained.
To address this funding gap and prevent a potential crisis, Senator Adele said a sum of ₦5.71 trillion was provided in the budget. Combined with the ₦58 trillion already presented by the President, this brings the total to ₦58 trillion. He shared these details in a report presented to the Senate regarding the consolidated budget, which was subsequently passed into law.
He further explained that over ₦6 trillion in borrowing was added to existing funds to support parts of the ₦9 trillion supplementary budget for which the President sought National Assembly approval.
On the issue of borrowing, Senator Adele remarked: “If borrowed funds are used appropriately for their intended purpose, there is no cause for concern.
Government operations are continuous, and while borrowing may be seen as risky, Nigeria’s investment drive shows that these funds are contributing to growth, easing concerns about borrowing.”
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