Tinubu seeks national assembly’s nod to raise 2026 budget by N9trn to N67.4trn

President Bola Tinubu has asked the National Assembly to approve an upward revision of the 2026 Appropriation Bill by ₦9 trillion, increasing the proposed budget from ₦58.4 trillion to ₦67.4 trillion.

The request was conveyed in a letter read during Tuesday’s plenary by the President of the Senate, Senator Godswill Akpabio.

According to Tinubu, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring the smooth implementation of priority national programmes.

“The proposed adjustment is aimed at strengthening fiscal transparency and ensuring the effective implementation of priority national programmes,” the President stated in the letter.

Tinubu explained that the request is driven by three major considerations, including the need to regularise and settle outstanding legal commitments carried over from previous appropriation cycles so they do not hinder the implementation of the 2026 budget.

He also noted that the review would enable the government to fully capture existing public debt obligations within the fiscal framework, ensuring greater clarity in the management of national finances.

In addition, the adjustment will provide room for a limited number of strategic priority projects, while aligning the 2026 financing plan in a way that preserves macroeconomic stability and reduces pressure on the domestic financial market.

The President had earlier, in December, presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to the National Assembly.

The spending plan, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” earmarked ₦5.41 trillion for defence and security, representing about 9.3 per cent of total expenditure.

Tinubu had stressed that economic growth, investment and national development are closely linked to improved security, making the sector a central focus of the budget.

Key projections in the proposal include ₦34.33 trillion in expected revenue, ₦15.25 trillion for recurrent (non-debt) expenditure, and ₦26.08 trillion allocated to capital projects.

The budget also contains a ₦23.85 trillion deficit, representing 4.28 per cent of Nigeria’s Gross Domestic Product (GDP), which the President said is consistent with the administration’s fiscal strategy.

Tinubu reiterated that his administration remains committed to fiscal discipline, transparent debt management and efficient public spending.

He added that the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper guiding the budget is based on key macroeconomic 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.