Tinubu Seeks NASS Approval To Increase 2026 Budget By ₦9 Trillion

Bola Ahmed Tinubu has requested the approval of the National Assembly to increase the 2026 Appropriation Bill by ₦9 trillion, raising the total budget from ₦58.4 trillion to ₦67.4 trillion.

The proposal was communicated in a letter read on the Senate floor by Godswill Akpabio during plenary on Tuesday.

According to the president, the adjustment is intended to improve fiscal transparency and ensure the effective execution of key national programmes.

He outlined three major reasons for the request, including the need to regularise and account for outstanding legal commitments carried over from previous budgets, so they do not hinder the implementation of the 2026 fiscal plan.

Secondly, he explained that the increase would help consolidate and properly reflect existing government debt within the fiscal framework, while also making provision for a select number of strategic and priority projects. The proposal is also aimed at aligning the 2026 financing plan in a way that maintains macroeconomic stability and reduces pressure on the domestic financial system.

In December, Bola Ahmed Tinubu had initially presented a ₦58.18 trillion budget to the National Assembly, with ₦5.41 trillion allocated to defence and security—about 9.3 percent of total spending.

While presenting the budget, themed ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity,’ the president stressed the importance of security to economic growth.

He said the 2026 budget is anchored on “realism, prudence, and growth orientation,” highlighting key projections such as ₦34.33 trillion in expected revenue, ₦58.18 trillion in total expenditure, ₦15.25 trillion for recurrent (non-debt) spending, and ₦26.08 trillion for capital projects.

The budget also carries a deficit of ₦23.85 trillion, representing 4.28 percent of GDP, which the president said aligns with the administration’s fiscal strategy.

“These numbers are not just accounting lines. They are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value-for-money spending,” he said.

“The 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper sets the parameters for this budget. Our projections are based on a conservative crude oil benchmark of US$64.85 per barrel; 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.”