PRESIDENT Bola Tinubu has assented to the 2026 appropriation bill, which provides for an aggregate expenditure of ₦68.32 trillion.
This was revealed in a statement by Bayo Onanuga, the President’s Special Adviser on Information & Strategy, on Friday, April 17.
The president has also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service.
It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.
“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.
“The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” the statement stated.
Additionally, Tinubu assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
The extension, the statement said, would 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.
It will also enable ministries, departments, and agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure.
With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda.
President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
He lauded the leadership and members of the National Assembly for their diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
The president reaffirmed the importance of sustained collaboration between the executive and legislative arms of government in advancing national development objectives.
He further assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.
The journey before the presidential assent of the budget
Federal lawmakers on Tuesday,31 March, approved a 68.30 trillion-naira ($49.4 billion) budget for 2026, after Tinubu asked lawmakers to back adjustments to increase a plan put forward in December.
He earlier presented a 58.47 trillion naira budget to the National Assembly on December 19, saying it was aimed at consolidating economic reforms and accelerating growth.
Lawmakers, however, passed a higher figure after the president requested adjustments, the chairs of the Senate and House of Representatives Appropriation Committees said in a joint statement.
The higher figure, the president said, was meant to accommodate outstanding capital projects carried over from previous budget cycles and prevent unresolved obligations from weighing on the 2026 fiscal programme.
Despite an oil windfall on average of $100, lawmakers also approved a $6 billion loan request sought by Tinubu to bolster the higher budget, covering outstanding capital spending from previous years, infrastructure projects, and debt servicing, with at least 40 per cent earmarked for capital projects in the 2025 and 2026 budgets.
Faultlines on Tinubu’s budget
The Lead Director, Centre for Social Justice and a public finance expert, Eze Onyekpere, has faulted Tinubu’s borrowing spree and poor revenue management despite the claims that revenue agencies make more money.
“The deficit is rising, which is a real problem. All is not well, and this is a pre-election year. How can the lawmakers be approving all the loans? Where are they going to get the funds for these debt servicing of over N15 trillion with humongous borrowing, which has led to an increase in total public debt to N159.28 trillion,” he added.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.