President Bola Tinubu has written to the National Assembly requesting approval to increase the 2026 Appropriation Bill by ₦9 trillion, raising the total budget from ₦58.4 trillion to ₦67.4 trillion.
The request was read on the Senate floor on Tuesday by Senate President Godswill Akpabio. According to the letter, the budget adjustment is aimed at enhancing fiscal transparency and ensuring the effective execution of priority national programmes.
“The proposed adjustment is aimed at strengthening fiscal transparency and ensuring the effective implementation of priority national programmes,” the letter stated.
Reasons Behind the Increase
The President explained that the upward review is necessary for several key reasons:
To settle outstanding legal obligations from previous budgets that could impede the 2026 budget’s implementation.
To properly incorporate existing public debt obligations within the fiscal plan.
To fund strategic priority projects while safeguarding macroeconomic stability and easing pressure on local financial markets.
Original Budget Overview
The 2026 budget, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” was presented in December 2025. It allocated ₦5.41 trillion to defence and security, about 9.3% of total spending, reflecting the administration’s focus on national security as a driver of economic growth.
Key figures in the original proposal included;
Revenue: ₦34.33 trillion
Total expenditure: ₦58.18 trillion
Recurrent (non-debt) spending: ₦15.25 trillion
Capital projects: ₦26.08 trillion
Deficit: ₦23.85 trillion (4.28% of GDP)
The budget framework assumed a crude oil price of $64.85 per barrel, projected oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to $1. Tinubu reaffirmed his administration’s commitment to fiscal discipline, transparent debt management, and efficient public spending.