President Bola Tinubu has signed the 2026 Appropriation Bill, approving a total expenditure of ₦68.32 trillion. The budget allocates ₦32.2 trillion to the Development Fund for Capital Expenditure, with ₦15.4 trillion for recurrent spending and ₦15.8 trillion for debt servicing. It also includes ₦4.799 trillion for statutory transfers. The capital component of the 2025 budget implementation period has been extended from March 31, 2026, to June 30, 2026, to allow for full utilisation of funds on ongoing infrastructure projects. The approval was confirmed in a statement issued on Friday by Tinubu's Special Adviser on Information and Strategy, Bayo Onanuga.

The 2026 budget reflects an increase of ₦9.85 trillion from the initial ₦58.47 trillion proposal Tinubu submitted to the National Assembly and is ₦13.33 trillion higher than the 2025 budget. It is based on a crude oil benchmark of $64.85 per barrel, a daily production projection of 1.84 million barrels, and an exchange rate of ₦1,400 to $1. The budget will be partly financed through external borrowing, following approval of a foreign loan plan exceeding $21 billion. Tinubu directed ministries, departments, and agencies to ensure transparent and efficient use of funds, emphasising value for money and timely project delivery. He commended the National Assembly for its swift passage of the bill and reaffirmed commitment to fiscal reforms, revenue generation, and investments in job creation and social protection. The Minister of Information and National Orientation, Mohammed Idris, described the budget as a move to solidify gains of the administration's reform agenda.

💡 NaijaBuzz Take

Tinubu is pushing capital expenditure to nearly half the 2026 budget while extending the 2025 capital spending deadline, raising questions about why those funds were not fully used in time. If the same agencies failed to spend 2025 capital allocations by March 2026, Nigerians named in the budget—especially those expecting infrastructure and security improvements—may see delays repeated. A budget hinged on $21 billion in foreign loans and an exchange rate of ₦1,400 to the dollar risks losing value before implementation, hitting citizens hardest when projects stall.

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