Business Briefings
President Tinubu Seeks Senate Approval to Raise 2026 Budget by N9 Trillion
President Bola Tinubu has requested Senate approval to increase Nigeria’s 2026 Appropriation Bill by N9 trillion, raising the total budget from N58.4 trillion to N67.4 trillion. The request was communicated in a letter to Senate President Godswill Akpabio and read during plenary.
The president explained that the increase is intended to strengthen fiscal transparency and support priority national programs. He outlined three main objectives for the revision:
- To regularise and account for outstanding commitments from previous appropriation cycles, preventing them from affecting the 2026 budget.
- To consolidate and capture existing government indebtedness within the fiscal framework while allocating for a limited number of strategic projects.
- To align the 2026 financing plan with revised expenditure while preserving macro-fiscal stability and reducing pressure on domestic financial markets.
Read Also:
- U.S. slashes Nigerian crude imports by 47% in January
- Dangote Turns to U.S. for Crude Amid Local Supply Constraints
Government sources note that the addition will further stretch spending plans, particularly as it appears intended to fund obligations arising from prior budgets.
Following submission of the request, the Senate referred the proposal to the Committee on Appropriation for review. The committee will assess fiscal sustainability and the ability to fund strategic projects before sending recommendations back to plenary.
