President Bola Tinubu has asked the National Assembly to approve an increase of ₦9 trillion to the 2026 budget, raising it from ₦58.4 trillion to ₦67.4 trillion.
The request was conveyed in a letter read during plenary by Senate President Godswill Akpabio, who subsequently referred it to the Senate Committee on Appropriations for consideration.
According to the president, the proposed increase is mainly to address outstanding capital projects inherited from previous budgets, ensuring their completion. He added that part of the additional funds would also go into critical transport infrastructure, in line with the government’s development agenda.
Tinubu explained that the adjustment is also intended to maintain economic stability and reduce pressure on the domestic financial system.
The initial 2026 budget proposal, presented in December, was valued at about ₦58.18 trillion and focused heavily on security, infrastructure, and economic growth. It projected revenues of ₦34.33 trillion, total expenditure of ₦58.18 trillion, and a deficit of ₦23.85 trillion.
The budget framework was built on key assumptions, including an oil benchmark of $64.85 per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar.
With the proposed increase now under review, lawmakers are expected to deliberate on its implications for fiscal policy, debt management, and overall economic performance.
