Tinubu Seeks National Assembly Approval to Increase 2026 Budget to ₦67.4trn
President Bola Tinubu has asked the National Assembly to approve an increase in the 2026 budget from ₦58.4 trillion to ₦67.4 trillion, citing fiscal transparency, debt obligations, and funding for priority projects.
ABUJA — President Bola Ahmed Tinubu has formally requested the National Assembly of Nigeria to approve an upward revision of the 2026 Appropriation Bill by ₦9 trillion, raising the proposed budget from ₦58.4 trillion to ₦67.4 trillion.
The request was conveyed in a letter read on the Senate floor on Tuesday by Senate President Godswill Akpabio during plenary.
In the correspondence, the President explained that the proposed increase is intended to strengthen fiscal transparency and ensure the effective execution of key government programmes.
He noted that the adjustment is driven by the need to settle outstanding legal obligations carried over from previous budgets, thereby preventing disruptions to the implementation of the 2026 fiscal plan.
Tinubu further stated that the review would allow for proper reflection of existing public debt commitments within the fiscal framework, while also accommodating a limited number of strategic priority projects.
According to him, the revised plan is structured to align financing in a manner that supports macroeconomic stability and reduces pressure on the domestic financial system.
The President had earlier, in December, presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to the National Assembly, with ₦5.41 trillion allocated to defence and security, representing approximately 9.3 per cent of the total expenditure.
The budget, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” highlights the administration’s position that national security remains a key driver of economic growth and investment.
Key projections in the proposal include ₦34.33 trillion in expected revenue, ₦15.25 trillion for recurrent (non-debt) expenditure, and ₦26.08 trillion earmarked for capital projects.
The fiscal framework also outlines a deficit of ₦23.85 trillion, representing 4.28 per cent of the Gross Domestic Product, in line with the government’s fiscal strategy.
Tinubu reaffirmed his administration’s commitment to fiscal discipline, prudent debt management, and efficient public expenditure.
The 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper underpinning the budget is based on key assumptions, including a crude oil benchmark of $64.85 per barrel, projected production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to one US dollar for the 2026 fiscal year.