By Ayomide Otitoju
President Bola Ahmed Tinubu has signed into law the 2026 Appropriation Bill, approving a total expenditure of ₦68.32 trillion, while also extending the implementation period of the 2025 budget to June 30, 2026.
The development was disclosed on Friday in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
A breakdown of the 2026 budget shows ₦4.799 trillion allocated for statutory transfers, ₦15.8 trillion for debt servicing, ₦15.4 trillion for recurrent expenditure, and ₦32.2 trillion earmarked for capital projects under the Development Fund.
According to the presidency, the budget—where capital expenditure accounts for about 50 per cent—reflects the administration’s commitment to economic stability, infrastructure development, national security, and inclusive growth.
President Tinubu also assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, extending the capital component of the 2025 budget from March 31 to June 30, 2026, to ensure the effective utilisation of funds, particularly for ongoing infrastructure projects.
The extension is expected to enable ministries, departments, and agencies (MDAs) to complete critical projects, improve execution rates, and maximise value for public spending as the 2026 budget takes effect from April 1.
The President directed MDAs to ensure disciplined and transparent use of resources, with emphasis on value for money and timely delivery of projects. He also commended the National Assembly for the swift passage of the budget and reiterated the need for sustained collaboration between the executive and legislature.
Tinubu further assured Nigerians of his administration’s commitment to deepening fiscal reforms, boosting revenue generation, and prioritising investments that drive economic growth, job creation, and social protection.
The budget will be partly financed through external borrowing, following approval of a foreign loan plan exceeding $21 billion to bridge the fiscal deficit.
At ₦68.32 trillion, the 2026 budget represents an increase of ₦9.85 trillion over the initial proposal of ₦58.47 trillion submitted to lawmakers, and ₦13.33 trillion higher than the 2025 budget.
The fiscal framework is anchored on a crude oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the US dollar.
Addressing lawmakers earlier, Tinubu emphasised that security spending would be tied to measurable outcomes, while also highlighting agriculture as a key priority. He noted that the budget prioritises input financing, mechanisation, irrigation, climate-resilient farming, and agro-value chain development to strengthen food security.
Despite ongoing concerns over budget implementation in Nigeria, the administration maintained that the 2026 budget is structured to consolidate gains from its reform agenda.
Minister of Information and National Orientation, Mohammed Idris, described the fiscal plan as a “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” aimed at sustaining progress and delivering tangible benefits to Nigerians.
