President Bola Tinubu has approved the 2026 national budget, authorising a total expenditure of N68.32 trillion for the fiscal year.
Alongside this, the President signed an amendment extending the lifespan of the 2025 budget from March 31 to June 30, 2026, to allow the completion of key ongoing projects nationwide.
The newly signed budget allocates N4.799 trillion for statutory transfers and N15.8 trillion for debt servicing. It also sets aside N15.4 trillion for recurrent expenses, while a significant N32.2 trillion is dedicated to capital projects through the Development Fund.
According to the presidency, the spending plan places strong emphasis on infrastructure development, economic stability, national security, and inclusive growth. Capital expenditure alone accounts for nearly half of the total budget, reflecting a focus on long-term development priorities.
The extension of the 2025 budget is intended to ensure that funds already allocated for major infrastructure projects are fully utilised, especially those nearing completion. It is also expected to help government agencies improve project delivery and achieve better value for public spending.
President Tinubu directed Ministries, Departments, and Agencies to maintain transparency, discipline, and efficiency in managing public funds, stressing the importance of timely execution of projects.
He also praised the National Assembly for its cooperation in passing the budget and reaffirmed the need for continued collaboration between both arms of government to drive national development.
The President further assured citizens of ongoing efforts to strengthen fiscal reforms, improve revenue generation, and invest in initiatives that will boost economic growth, create jobs, and enhance social welfare.
