President Bola Tinubu has asked the National Assembly of Nigeria to approve an upward review of the 2026 Appropriation Bill by ₦9 trillion, raising the proposed budget from ₦58.4 trillion to ₦67.4 trillion.
The request was contained in a letter read on the Senate floor on Tuesday by the President of the Senate, Godswill Akpabio, during plenary.
Tinubu explained that the proposed adjustment is intended to enhance fiscal transparency and support the effective execution of key national programmes.
The letter reads, “The proposed adjustment is aimed at strengthening fiscal transparency and ensuring the effective implementation of priority national programmes.”
According to the President, the request is driven by three major considerations.
One of them is the need to regularise and settle outstanding legal commitments carried over from previous appropriation cycles so they do not hinder the implementation of the 2026 budget.
He also noted that the review would allow the government to properly capture existing public debt obligations within the fiscal framework.
The adjustment, Tinubu added, would also make provision for a limited number of strategic priority projects while aligning the 2026 financing plan in a way that safeguards macroeconomic stability and reduces pressure on the domestic financial market.
In December, Tinubu presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to the National Assembly, with ₦5.41 trillion earmarked for defence and security — about 9.3 per cent of the total spending plan.
Presenting the spending proposal, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” he emphasised that economic growth and investment depend heavily on national security.
Tinubu noted that the budget framework was built on what he described as realistic, prudent and growth-focused assumptions.
Key projections in the budget include expected revenue of ₦34.33 trillion, total expenditure of ₦58.18 trillion, ₦15.25 trillion for recurrent (non-debt) spending, and ₦26.08 trillion for capital projects.
The proposal also includes a ₦23.85 trillion deficit, representing 4.28 per cent of the country’s Gross Domestic Product, which the President said aligns with the government’s fiscal strategy.
He said the administration remains committed to fiscal discipline, transparency in debt management and efficient public spending.
Tinubu added that the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper guiding the budget is based on key assumptions, including a crude oil benchmark of $64.85 per barrel, projected production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to one US dollar for the 2026 fiscal year.
