JUST-IN: Tinubu Seeks NASS Approval To Increase 2026 Budget By ₦9trn

President Bola Tinubu has written to the National Assembly seeking approval for an upward review of the 2026 Appropriation Bill, proposing an increase of ₦9trillion to raise the total budget from ₦58.4 trillion to ₦67.4 trillion.

The request was conveyed in a letter read on the Senate floor by the President of the Senate, Godswill Akpabio, during plenary on Tuesday.

According to President Tinubu, the proposed adjustment was aimed at strengthening fiscal transparency and ensuring the effective implementation of priority national programmes.

The President outlined three key objectives behind the request. First, to regularise and account for outstanding legacy commitments carried over from previous appropriation cycles, preventing them from burdening the execution of the 2026 budget.

Secondly, the proposal sought to consolidate and properly capture existing government indebtedness within the fiscal framework, while making provision for a limited number of strategic and priority projects.

Thirdly, it aims to align the 2026 financing plan with revised expenditure in a manner that preserves macro-fiscal stability and reduces pressure on the domestic financial market.

It would be recalled that in December, Tinubu presented the 2026 federal budgetary proposal of ₦58.18 trillion to the National Assembly, with ₦5.41 trillion allocated to defence and security—representing about 9.3 per cent of total expenditure.

Presenting the budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the President stressed the centrality of security to economic growth.

“Without security, investment cannot thrive,” he said.

Tinubu explained that the 2026 budget was anchored on realism, prudence, and growth orientation, with key projections including expected total revenue of ₦34.33 trillion and total expenditure of ₦58.18 trillion.

Other components include ₦15.25 trillion for recurrent (non-debt) expenditure and ₦26.08 trillion for capital expenditure.

The budget also carries a deficit of ₦23.85 trillion, representing 4.28 per cent of GDP, which the President said aligns with his administration’s fiscal framework.

“These numbers are not just accounting lines. They are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value-for-money spending,” he said.

He added that the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper underpinned the budget, with projections based on a crude oil benchmark of $64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of ₦1,400 to the US dollar.

Our correspondent reports thar further legislative consideration of the President’s request is expected in the coming days.