Nigeria TV Info 

N’Assembly Passes ₦68.3trn 2026 Budget After Tinubu’s Upward Review Request

Nigeria’s National Assembly has approved a revised ₦68.3 trillion 2026 Appropriation Bill, following an upward review request by President Bola Ahmed Tinubu, marking a significant increase from the initial proposal submitted late 2025.

The budget, passed after deliberations on the report of the joint appropriations committees, rose by over ₦9 trillion from the earlier estimate of about ₦58 trillion. Lawmakers said the increase was necessary to accommodate outstanding financial obligations, fund critical infrastructure, and strengthen key sectors of the economy.

Key Budget Breakdown

The approved fiscal plan allocates:

• ₦32.29 trillion – Capital expenditure
• ₦15.43 trillion – Recurrent (non-debt) spending
• ₦15.81 trillion – Debt servicing
• ₦4.8 trillion – Statutory transfers

A major portion of the increase—estimated at about ₦7.7 trillion—is earmarked for clearing legacy projects carried over from previous budgets, a move aimed at restoring credibility to Nigeria’s fiscal planning process.

Focus Areas

The 2026 budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” prioritises:

• Infrastructure development, including rail and road projects
• Strengthening the healthcare system with fresh funding commitments
• Increased allocation to the judiciary ahead of the 2027 general elections
• Strategic investments in transportation and national connectivity

Notably, provisions were made for presidential legacy rail projects across major cities and feasibility studies for new transport corridors to boost economic integration.

Revenue and Financing

To finance the expanded budget, the government plans to:

• Adjust oil benchmark assumptions to boost revenue
• Increase earnings from the telecommunications sector
• Expand external borrowing by over ₦6 trillion

Lawmakers acknowledged concerns over rising debt but maintained that the spending increase is necessary to stimulate growth, address infrastructure deficits, and improve citizens’ welfare.

Legislative Position

The National Assembly emphasized the need for strict oversight and timely fund releases to ensure effective implementation, noting that poor revenue performance previously led to delays and project rollovers.

With the passage completed, the harmonised budget is expected to be transmitted to President Tinubu for assent, setting the stage for implementation in the 2026 fiscal year.