President Bola Tinubu has asked the National Assembly to approve an increase in the 2026 budget, proposing an additional ₦9 trillion to raise the total from ₦58.4 trillion to ₦67.4 trillion.
The request was contained in a letter presented during Tuesday’s plenary session by Senate President Godswill Akpabio.
Tinubu explained that the adjustment is intended to improve transparency in government spending and ensure that key national projects are properly funded and executed.
He listed three main reasons for the proposed increase, stressing that the extra funds would help settle outstanding legal obligations from previous budgets so they do not affect the implementation of the 2026 budget.
Secondly, the adjustment is intended to properly reflect existing government debts in the country’s fiscal framework, while also making room for a few important and strategic projects.
He added that the plan would also help align the 2026 financing strategy in a way that supports economic stability and reduces pressure on the local financial system.
KanyiDaily recalls that in December, Tinubu initially presented a ₦58.18 trillion budget to the National Assembly, with ₦5.41 trillion set aside for defence and security, representing about 9.3 percent of the total spending.
While presenting the budget, which he described as a budget focused on consolidation, resilience, and shared prosperity, the president stressed that economic growth cannot happen without adequate security.
He also noted that the budget is built on realistic and careful financial planning aimed at driving growth.
Key projections include expected revenue of ₦34.33 trillion and total spending of ₦58.18 trillion, with ₦15.25 trillion allocated for recurrent expenses and ₦26.08 trillion for capital projects.
The budget deficit is put at ₦23.85 trillion, which is about 4.28 percent of the country’s GDP. Tinubu said this is in line with the government’s fiscal strategy.
According to him, the figures reflect the government’s priorities, with a strong focus on responsible spending, transparency in debt management, and ensuring value for money.
He added that the 2026–2028 Medium-Term Expenditure Framework is guiding the budget, with projections based on a crude oil price benchmark of 64.85 dollars per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to one US dollar for the 2026 fiscal year.
ALSO READ: FG Budgets N115 Billion For Reintegration Of Transformed Ex-Militants
#President #Tinubu #Seeks #NASS #Approval #Increase #Budget #Trillion
Leave a Reply