Tinubu calls on National Assembly to increase N9trn’s 2026 budget…

President Bola Tinubu has asked the National Assembly to pass an upward revision of the 2026 appropriations bill, increasing the proposed budget from $58.4 trillion to $67.4 trillion.

The request is contained in a letter read by Senate President Godswill Akpabio during the Abuja plenary on Tuesday, March 31, 2026.

According to Tinubu, the increase is aimed at strengthening fiscal transparency and ensuring the effective execution of key national programmes.

The President said the budget review was guided by three main objectives, including the need to regularize and settle outstanding legal obligations from previous budget cycles, to fully take into account existing public debt in the 2026 fiscal framework, and to finance a limited number of priority strategic projects while maintaining macroeconomic stability and reducing pressure on domestic financial markets.

Tinubu seeks Senate approval to borrow $6 billion for debt repayment and port upgrades

Tinubu, in December 2025, had presented a budget proposal of 58.18 trillion naira for 2026, allocating 5.41 trillion naira (about 9.3%) for defense and security.

Iran launches missiles across Middle East as Trump threatens oil hub

The proposal envisaged total revenue of N34.33 trillion, total expenditure of N58.18 trillion, N15.25 trillion for recurrent expenditure and N26.08 trillion for capital projects.

It included a deficit of $23.85 trillion, representing 4.28% of Nigeria’s GDP, in line with the government’s fiscal strategy.

Related