ABUJA – President Bola Tinubu has signed the 2026 Appropriation Bill into law, approving a record spending of ₦68.32 trillion for the current fiscal year. He also signed a separate bill that extends the implementation of the 2025 budget by three months to June 30, 2026.
The new budget allocates ₦4.799 trillion for statutory transfers and sets aside ₦15.8 trillion for debt servicing. Recurrent expenditure, which covers salaries and other operating costs, will take ₦15.4 trillion. The government plans to spend ₦32.2 trillion on capital projects through the Development Fund.
Capital expenditure accounts for about 50% of the total budget. The presidency said this shows the government’s focus on economic stability, national security, infrastructure, and growth that includes all parts of society.
The budget takes effect from April 1, 2026. Full implementation will begin in line with what the presidency calls the Renewed Hope Agenda.
In a related move, the President signed a bill that extends the capital component of the 2025 budget. The new deadline is June 30, 2026, instead of March 31, 2026. The extension is meant to allow ministries and agencies to complete ongoing infrastructure projects that are already at an advanced stage.
The presidency said the extension will improve project completion rates and ensure that public money is put to full use.
President Tinubu has directed all ministries to use allocated funds with discipline and transparency. He stressed the need for efficiency and timely delivery of projects. He also praised the National Assembly for working quickly and cooperatively to pass the budget.
The President said his administration will deepen fiscal reforms, increase revenue generation, and invest in areas that create jobs and strengthen social protection.
The 2026 budget is one of the largest fiscal plans in Nigeria’s history. It includes ₦32.29 trillion for capital spending, ₦15.43 trillion for recurrent spending, ₦15.81 trillion for debt servicing, and ₦4.80 trillion for statutory transfers. The approved amount is ₦9.09 trillion higher than the ₦58.47 trillion proposal that Tinubu first presented to the National Assembly in December 2025.
The increase was made to cover ₦5.71 trillion in outstanding capital obligations carried over from 2025, as well as ₦2 trillion for priority projects in key sectors. Lawmakers said about 70% of capital projects from 2025 were rolled over because of revenue shortfalls in that year.
To fund the expanded budget, the government raised the oil benchmark by $10 per barrel, which is expected to generate ₦2.592 trillion. It also expects to collect more taxes from telecommunications companies such as MTN Nigeria and Airtel Nigeria. The government plans to borrow an additional ₦6.16 trillion from external sources to cover the remaining deficit.