By Muhammad Amaan
Nigeria’s President Bola Ahmed Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of N68.32 trillion.
He also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
A statement issued Friday by the Special Adviser on Information and Strategy, Bayo Onanuga, said the N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and ₦15.8 trillion for debt service.
It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
“The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” the statement read in part.
The President also has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
The extension, the statement revealed, would ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
“It will enable ministries, departments, and agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure. With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda,” it added.
Additionally, President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
He commended the National Assembly for its diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
The president reaffirmed the importance of sustained collaboration between the executive and legislative arms of government in advancing national development objectives.
Tinubu also assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.
The budget is also expected to be partly financed through external borrowing, following the approval of a foreign loan plan exceeding $21 billion to bridge the fiscal gap.
N9.85trn Increase
The 2026 budget represents an increase of N9.85 trillion over the initial proposal of N58.47 trillion that Tinubu submitted to the National Assembly, and N13.33 trillion higher than the 2025 budget.
The President had while presenting the 2025 budget proposal before federal lawmakers in December 2025, pegged the capital expenditure at N26.08 trillion and the crude oil benchmark at US$64.85 per barrel.
He disclosed that the expected total revenue was N34.33 trillion; N15.52 trillion for debt servicing.
The proposal was anchored on a crude oil production of 1.84 million barrels per day, and an exchange rate of N1,400 to the US Dollar for the 2026 fiscal year.
