Tinubu Seeks NASS Approval for ₦9trn Increase in 2026 Budget

  President Bola Tinubu has requested the National Assembly to approve an upward review of the 2026 Appropriation Bill, proposing an additi...

 

President Bola Tinubu has requested the National Assembly to approve an upward review of the 2026 Appropriation Bill, proposing an additional ₦9 trillion to raise the total budget from ₦58.4 trillion to ₦67.4 trillion.

The request was conveyed in a letter read on the Senate floor by Senate President Godswill Akpabio during plenary on Tuesday.

According to the President, the proposed increase is aimed at enhancing fiscal transparency and ensuring the effective implementation of key national programmes.

Tinubu outlined three major objectives for the adjustment. These include regularising outstanding legacy commitments from previous budgets, consolidating existing government indebtedness within the fiscal framework, and making provisions for selected strategic and priority projects.

He also stated that the review is intended to align the 2026 financing plan with revised expenditure while maintaining macroeconomic stability and reducing pressure on the domestic financial market.

The President had earlier, in December, presented a budget proposal of ₦58.18 trillion to the National Assembly, with ₦5.41 trillion allocated to defence and security—about 9.3 per cent of total spending.

Tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the proposal emphasised the importance of security to economic growth.

“Without security, investment cannot thrive,” the President said at the time.

The 2026 budget framework includes projected revenue of ₦34.33 trillion and total expenditure of ₦58.18 trillion, with ₦15.25 trillion earmarked for recurrent (non-debt) spending and ₦26.08 trillion for capital projects.

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

Tinubu added that the budget is underpinned by the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, based on a crude oil benchmark of $64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of ₦1,400 to the US dollar.

Legislative consideration of the President’s request is expected in the coming days.