ABUJA, Nigeria (VOICE OF NAIJA)-President Bola Tinubu has requested the National Assembly of Nigeria to approve an increase of N9 trillion in the 2026 Appropriation Bill, raising the proposed budget from N58.4 trillion to N67.4 trillion.
The request was conveyed 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 revision is aimed at improving fiscal transparency and ensuring the efficient implementation 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.”
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According to the President, the request is based on three key factors.
One of these is the need to regularise and clear outstanding legal obligations carried over from previous budgets to prevent them from affecting the execution of the 2026 budget.
He also stated that the review would enable the government to fully incorporate existing public debt obligations into the fiscal framework.
Tinubu added that the adjustment would accommodate a select number of strategic priority projects while aligning the 2026 financing plan to maintain macroeconomic stability and ease 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 allocated to defence and security, representing about 9.3 per cent of the total budget.
While presenting the proposal, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” he stressed that national security is essential for economic growth and investment.
Tinubu noted that the budget framework was built on what he described as realistic, prudent and growth-oriented assumptions.
Key projections include expected revenue of N34.33 trillion, total expenditure of N58.18 trillion, N15.25 trillion for recurrent (non-debt) spending, and N26.08 trillion for capital projects.
The proposal also features a N23.85 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 reaffirmed the administration’s commitment to fiscal discipline, transparency in debt management and efficient public spending.
Tinubu further stated that the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper guiding the budget is based on assumptions such as a crude oil benchmark of $64.85 per barrel, projected production of 1.84 million barrels per day, and an exchange rate of N1,400 to one US dollar for the 2026 fiscal year.