President Bola Tinubu has officially signed the 2026 Appropriation Bill into law, approving a total expenditure of ₦68.32 trillion for the fiscal year, according to a statement from the presidency.
He also approved an amendment extending the implementation period of the capital component of the 2025 budget from March 31, 2026, to June 30, 2026.
According to a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the 2026 budget allocates ₦4.799 trillion for statutory transfers, ₦15.8 trillion for debt servicing, ₦15.4 trillion for recurrent expenditure, and ₦32.2 trillion for capital projects under the Development Fund.
The Federal Government noted that nearly half of the total budget has been earmarked for capital expenditure, reflecting a focus on infrastructure development, national security, and economic growth.
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth,” Onanuga said.
The extension of the 2025 capital budget is expected to give Ministries, Departments and Agencies (MDAs) more time to complete ongoing key infrastructure and development projects that are already at advanced stages.
“The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country,” the statement added.
With the new Appropriation Act taking effect from April 1, full implementation is expected to commence in line with the administration’s policy direction.
Tinubu also directed all MDAs to ensure transparency, accountability, and efficiency in the use of public funds.
“He directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery,” Onanuga stated.
The President further commended the National Assembly for its swift passage of the budget and reaffirmed the importance of collaboration between the executive and legislative arms of government.
He also reiterated his administration’s commitment to ongoing fiscal reforms, improved revenue generation, job creation, and stronger social protection for Nigerians.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
