| Image: Facebook |
President Bola Tinubu has signed the ₦68.32 trillion 2026 Appropriation Bill into law, formally establishing the federal government’s spending plan for the year.
The announcement was contained in a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
According to the statement, the budget includes ₦4.79 trillion for statutory transfers and ₦15.8 trillion for debt servicing. It also sets aside ₦15.4 trillion for recurrent expenditure, while ₦32.2 trillion is allocated to capital projects under the development fund.
The statement noted that the high allocation to capital expenditure reflects the administration’s focus on infrastructure, economic stability, security, and inclusive growth.
“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,” Onanuga said.
He added that the structure of the budget was designed to balance statutory obligations, debt repayment, recurrent costs, and investments aimed at boosting productivity and improving living standards.
The presidential aide also confirmed that Tinubu had approved an extension of the implementation period for the 2025 budget.
“Additionally, the President has 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 statement said.
According to him, the extension is intended to ensure full utilisation of funds allocated for ongoing infrastructure and development projects across the country.
“The extension will 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,” he said.
He added that the extension would help Ministries, Departments and Agencies (MDAs) complete ongoing projects and improve value for public spending.
Onanuga further stated that the 2026 Appropriation Act took effect from April 1, with full implementation expected to follow under the administration’s Renewed Hope Agenda.
He also disclosed that the President has directed MDAs to prioritise transparency, accountability, and efficient use of public funds.
Tinubu reaffirmed the importance of cooperation between the executive and the legislature in achieving national development goals, while pledging continued fiscal reforms aimed at economic growth, job creation, and social welfare improvement.
#Tinubu
#2026Budget
#NollywoodTimes
Leave a Reply