Godswill Akpabio, President of the Senate, said that the Senate will pass the 2026 Appropriation Bill on March 31.

Earlier, the Senate Committee on Appropriations had tentatively fixed Tuesday, March 17, for the final consideration and passage of the ₦58.47 trillion 2026 Appropriation Bill.

Speaking before the Senate adjourned plenary for the Sallah break, Akpabio said that the standing committees would continue working during the recess, particularly on ongoing budget defence sessions and coordination with the Senate Committee on Appropriations.

He said: “I hope the Leader will put pressure on the Committee on Appropriations to harmonise the report of the 2026 Appropriation Bill by that date.

“This is so that when we resume, we can try our best to pass the budget without requiring further concurrence or harmonisation.

“Leadership must work together to ensure everything is in order. The House of Representatives has already adjourned to conclude budget processes and will also reconvene on March 31.

“On that day, we hope to pass the national budget in tandem with the Senate,” said Akpabio.

The Strait of Hormuz is one of the world’s most critical maritime chokepoints, carrying around a quarter of global seaborne oil trade and significant volumes of liquefied natural gas and fertilizers. 

UNCTAD reports that the ongoing military escalation in the region has disrupted shipping flows through this narrow passage.

The resulting ripple effects go far beyond the region, affecting energy markets, maritime transport and global supply chains.

These developments raise concerns for global trade and development prospects. Oil markets have reacted quickly, with Brent crude prices now rising above $90 per barrel.

Higher energy, fertilizer and transport costs – including freight rates, bunker fuel prices and insurance premiums – may increase food costs and intensify cost-of-living pressures, particularly for the most vulnerable.

Similar repercussions were observed during recent global shocks, including the COVID-19 pandemic and at the beginning of the war in Ukraine, which showed how disruptions in energy, transport and agricultural inputs can propagate across interconnected markets.

The current shock comes at a time when many developing economies struggle to service their debt, tightening fiscal space and limited capacity to absorb new price shocks.

While the overall global economic impacts will depend on the duration and scale of the disruption, the situation highlights the importance of continued monitoring, particularly implications for vulnerable economies.

Key implications and considerations

• Disruptions in the Strait of Hormuz underscore the vulnerability of critical maritime chokepoints to geopolitical tensions and their potential to transmit shocks across supply chains and commodity markets.
• Reducing risks to global trade and development, including environmental risks, requires de-escalation and safeguarding maritime transport, ports and seafarers, and other civilian infrastructure, while maintaining secure trade corridors in line with international law and freedom of navigation
• Economic impacts, both globally and for the region, will depend on the duration, intensity and geographic scope of the tensions. Continued monitoring is essential to assess evolving risks and their potential impacts.
• Socio-economic implications for developing economies: Many developing countries already face high debt service burdens, limited fiscal space and constrained access to finance. In this context, rising energy, transport and food costs could strain public finances and increase pressure on household budgets, potentially heightening economic and social pressures and complicating progress toward sustainable development, particularly in economies heavily dependent on imported energy, fertilizers and staple foods.

Commercial activities at the Lagos International Trade Fair Complex were disrupted on Wednesday as traders shut down the facility while protesting a proposed takeover of the market’s management by state and local government authorities.

The traders said they were concerned about the implications of the planned arrangement, including possible new levies and taxes that could affect their businesses.

Many traders insisted that the complex is a federal facility and called for further consultations before any changes to its management structure are implemented.

The development led to the closure of shops across the complex, leaving hundreds of traders gathered around parks and garages within the market premises as discussions continued.

The ASPAMDA Market within the complex—one of the largest spare parts markets in Lagos—was among the sections affected by the shutdown.

Eyewitnesses said traders began the protest early in the morning by locking up their shops and stalls to draw attention to their concerns over the proposed changes.

We are not against development, but we are concerned about the possible levies and taxes that may be introduced if the management structure changes,” a trader who identified himself as Emeka Onu said.

The Minister of Industry, Trade and Investment, Jumoke Oduwole, visited the market during the day as part of efforts to engage with traders and encourage the reopening of the complex.

Before commencing her tour of the market, the minister urged that the gates of the complex be opened to traders, stating that her visit was aimed at interacting with stakeholders and supporting the smooth conduct of business activities.