President Bola Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of N68.32 trillion. The president also extended the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026. The 2026 budget allocates N4.799 trillion for statutory transfers, N15.8 trillion for debt service, N15.4 trillion for recurrent expenditure, and N32.2 trillion to the Development Fund for Capital Expenditure. A statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the extension would allow Ministries, Departments, and Agencies (MDAs) to consolidate ongoing projects and improve completion rates. It added that capital expenditure making up about 50 per cent of the budget reflects the administration's focus on infrastructure development and economic stability. The government claimed the allocations strike a balance between statutory obligations, debt servicing, and investments aimed at improving the quality of life for Nigerians. Tinubu had previously stated in December 2025, while presenting the N58.18 trillion 2026 budget to the National Assembly, that multiple budget implementations would end by March 31, 2026. He had pledged that from April 2026, Nigeria would operate on a single budget backed by a single revenue cycle, with no overlaps or rollovers. However, the extension contradicts that timeline. The Senate, led by Godswill Akpabio, has approved overlapping budgets, including three in 2024: the N21.8 trillion 2023 budget, the N2.17 trillion 2023 supplementary budget, and the N28.7 trillion 2024 appropriation. The Director-General of the Budget Office, Tanimu Yakubu, acknowledged that the 2025 budget faced challenges due to naira devaluation and rising inflation. He stated oil revenue, projected at $75 per barrel, fell short by $10 to $15, while inflation exceeded forecasts, increasing borrowing costs and debt service.
President Tinubu pledged to end multiple budget cycles by March 31, 2026, yet extended the 2025 budget to June 30, 2026, undermining his own deadline. The continuation of overlapping budgets exposes a gap between public commitments and fiscal execution. Nigerians named in the budget, including contractors and project beneficiaries, face prolonged uncertainty over fund disbursement. The administration's shifting timeline weakens confidence in its fiscal reform narrative.
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