President Bola Tinubu on Friday signed the 2026 Appropriation Bill into law, authorizing ₦68.32 trillion in spending for the fiscal year starting April 1.
The President also approved an extension of the 2025 budget’s implementation through June 30, giving federal agencies more time to deploy unspent capital funds.
Special Adviser on Information and Strategy to the President Bayo Onanuga in a statement said the budget breaks down as follows: ₦4.8 trillion for statutory transfers, ₦15.8 trillion for debt service, ₦15.4 trillion for recurrent costs, and ₦32.2 trillion—nearly half the total—for capital projects such as infrastructure.
He said the capital-heavy allocation aims to bolster economic stability, security, and growth amid Nigeria’s challenges with inflation, naira depreciation, and oil-price volatility.
President Tinubu directed Ministries to prioritize transparency and efficiency in spending, aligning with his administration’s “Renewed Hope” agenda.
The 2025 extension targets ongoing infrastructure work, allowing ministries, departments, and agencies to complete advanced projects and avoid lapsed funds.
President Tinubu praised the National Assembly for swift passage and called for continued executive-legislative cooperation.
NewsQuest reports that the budget signing come as Nigeria grapples with fiscal pressures, including a projected budget deficit and efforts to boost non-oil revenue – with the government implementing decisive reforms to light millions of citizens out of poverty.
