JUST IN: Tinubu Requests NASS Approval to Raise 2026 Budget by ₦9tn

By Editor

President Bola Tinubu has formally requested the National Assembly to approve an increase of ₦9 trillion in the 2026 Appropriation Bill, raising the total budget from ₦58.4 trillion to ₦67.4 trillion. The request was conveyed in a letter read during plenary by Senate President Godswill Akpabio on Tuesday.

According to the President, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring the effective implementation of key government programmes.

He explained that part of the increase would be used to settle outstanding commitments from previous budgets, preventing them from affecting the execution of the 2026 fiscal plan. The proposal also seeks to properly account for existing government debts while making provisions for strategic and priority projects.

Tinubu further noted that the review is designed to align the country’s financing plan with revised expenditure in a way that maintains economic stability and reduces pressure on the domestic financial market.

He had earlier presented the 2026 budget in December, with a total estimate of about ₦58 trillion, emphasising that security remains central to economic growth and national development.

The budget proposal includes ₦5.41 trillion for defence and security, highlighting the government’s focus on tackling insecurity. Other projections include ₦34.33 trillion in expected revenue, ₦15.25 trillion for recurrent expenditure, and ₦26.08 trillion for capital projects.

It also carries a deficit of ₦23.85 trillion, which the President said is in line with the administration’s fiscal framework.

Tinubu added that the budget is built on key assumptions such as oil price benchmarks, production targets, and exchange rate projections. He maintained that the figures reflect national priorities and a commitment to responsible spending, while the National Assembly is expected to consider the request in the coming days.

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