President Bola Tinubu has written to the National Assembly requesting adjustments to the 2026 Appropriation Bill, proposing an increase of ₦9 trillion to raise the total budget from ₦58.4 trillion to ₦67.4 trillion.
The letter was read on the Senate floor by the President of the Senate, Godswill Akpabio, during plenary on Tuesday.
According to the President, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring the effective implementation of priority national programmes.
He outlined three key objectives behind the request:
1. Regularising Outstanding Legal Commitments: To account for obligations carried over from previous budget cycles, preventing them from burdening the execution of the 2026 budget.
2. Consolidating Government Indebtedness: To properly capture existing debts within the fiscal framework while providing for a limited number of strategic and priority projects.
3. Aligning the Financing Plan: To preserve macro-fiscal stability and reduce pressure on the domestic financial market.
Last December, Tinubu presented the 2026 federal budget of ₦58.18 trillion, allocating ₦5.41 trillion to defence and security, representing approximately 9.3 percent of total expenditure.
The budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is anchored on realism, prudence, and growth orientation. Key aggregates include:
Expected total revenue: ₦34.33 trillion
Projected total expenditure: ₦58.18 trillion
Recurrent (non-debt) expenditure: ₦15.25 trillion
Capital expenditure: ₦26.08 trillion
Budget deficit: ₦23.85 trillion (4.28% of GDP)
Tinubu emphasised that “these numbers are not just accounting lines. They are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value‑for‑money spending.”
The 2026–2028 Medium‑Term Expenditure Framework and Fiscal Strategy Paper provides the parameters for the budget, based on a conservative crude oil benchmark of US$64.85 per barrel, projected production of 1.84 million barrels per day, and an exchange rate of N1,400 to the US Dollar.
The President said the adjustment would ensure that priority programmes are fully funded while maintaining the administration’s commitment to fiscal discipline and macroeconomic stability.
