President Bola Tinubu has requested a massive N9.3 trillion hike in the 2026 budget, pushing the total spending to N67.7 trillion. This represents a nearly 16 percent increase over the initial budget of N58.4 trillion.
The proposed adjustment aims to regularize outstanding legal commitments, consolidate government indebtedness, and fund strategic priority projects. Tinubu stated that the move is designed to strengthen fiscal transparency and ensure effective implementation of national programmes.
The revised budget comes as Nigeria's public debt stock has surged to over N152 trillion, with debt service consuming a significant portion of federal revenue. Economists warn that this trajectory could hinder investment in critical infrastructure and social services.
The proposed N9.3 trillion budget hike is a stark illustration of the fiscal challenges facing Nigeria. President Tinubu's decision to increase borrowing by over N20 trillion, including N17.89 trillion in domestic borrowing, raises concerns about the country's ability to manage its debt profile. This move could have significant implications for Nigerians, who may bear the brunt of increased taxes and reduced public services due to the growing debt burden.
