Tinubu Seeks N9trn Budget Increase, Total Now N67.4trn

President Bola Tinubu has asked the National Assembly to approve an adjustment to the 2026 Appropriation Bill, proposing a ₦9 trillion increase to raise the total budget from ₦58.4 trillion to ₦67.4 trillion.

The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Tuesday.

Tinubu said the adjustment was necessary to strengthen fiscal transparency and ensure effective implementation of priority programmes.

He outlined three objectives: to regularise outstanding legal commitments from previous budgets, consolidate government indebtedness within the fiscal framework, and provide for strategic projects while preserving macro-fiscal stability.

Last December, Tinubu presented the original ₦58.18 trillion budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, with ₦5.41 trillion allocated to defence and security, representing about 9.3% of total spending.

The budget projected ₦34.33 trillion in revenue, ₦15.25 trillion in recurrent expenditure, and ₦26.08 trillion in capital expenditure, leaving a deficit of ₦23.85 trillion (4.28% of GDP). Tinubu said these figures reflect national priorities anchored on fiscal sustainability and transparency.

He noted that the 2026–2028 Medium-Term Expenditure Framework was based on a crude oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of ₦1,400/$.

Tinubu stressed that security remains central to economic growth. “Without security, investment cannot thrive,” he said, adding that the budget is built on realism, prudence, and growth orientation.

The proposed increase, if approved, would allow the government to capture debts, fund priority projects, and reduce pressure on the domestic financial market, while aligning with broader fiscal reforms.