President Requests N9 Trillion Budget Hike
President Bola Tinubu has requested the National Assembly to approve an upward revision of the 2026 Appropriation Bill by N9 trillion, raising the proposed budget from N58.4 trillion to N67.4 trillion.
The request was contained in a letter read on the Senate floor on Tuesday by the President of the Senate, Godswill Akpabio, during plenary. Tinubu explained that the proposed adjustment is intended to enhance fiscal transparency and support the effective execution of key national programmes.
According to the letter, “The proposed adjustment is aimed at strengthening fiscal transparency and ensuring the effective implementation of priority national programmes.”
The President cited three major considerations driving the request. First, he noted the need to regularise and settle outstanding legal commitments carried over from previous appropriation cycles so they do not hinder the implementation of the 2026 budget. He also stated that the review would allow the government to properly capture existing public debt obligations within the fiscal framework. Additionally, Tinubu said the adjustment would make provision for a limited number of strategic priority projects while aligning the 2026 financing plan in a way that safeguards macroeconomic stability and reduces pressure on the domestic financial market.
In December, Tinubu had presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to the National Assembly, with ₦5.41 trillion earmarked for defence and security—approximately 9.3 per cent of the total spending plan. At the time, he described the proposal as the “Budget of Consolidation, Renewed Resilience and Shared Prosperity” and emphasised that economic growth and investment depend heavily on national security.
Key projections in the original budget included expected revenue of ₦34.33 trillion, total expenditure of ₦58.18 trillion, recurrent (non-debt) spending of ₦15.25 trillion, and capital projects allocation of ₦26.08 trillion. The proposal also carried a ₦23.85 trillion deficit, representing 4.28 per cent of the country’s Gross Domestic Product, which the President said aligned with the government’s fiscal strategy.
The 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper guiding the budget was based on assumptions that included a crude oil benchmark of $64.85 per barrel, projected production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to one US dollar for the 2026 fiscal year.
Tinubu reaffirmed the administration’s commitment to fiscal discipline, transparency in debt management and efficient public spending as part of the broader fiscal consolidation efforts.