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Tinubu signs ₦68.32trn 2026 appropriate bill, 2025 budget extension
Nigerian President Bola Tinubu has signed the 2026 Appropriation Bill into law, amounting to ₦68.32 trillion aggregate expenditure, while also giving assent to the extended implementation of the capital component of the 2025 budget from March 31 2026 to June 30 2026.
This was made known in a statement on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
The 2026 budget earmarks ₦4.799 trillion for statutory transfers and ₦15.8 trillion for debt service.
It allocates ₦15.4 trillion to recurrent expenditure and ₦32.2 trillion to the Development Fund for Capital Expenditure.
The statement read in part: “With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
“The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians.”
The capital component of the 2025 Appropriation Act was also assented to by the President, extending the implementation period from March 31 2026 to June 30 2026.
According to the statement, the extension would ensure that appropriated funds are fully and effectively utilized.
“The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
“It will enable ministries, departments, and agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure,” the statement said.
The presidency further noted that the 2026 Appropriation Act would be implemented in line with the Renewed Hope Agenda of the President, while directing MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, emphasizing timely project delivery and value for money.
The budget is expected to be partly financed through external borrowing, following the approval of a foreign loan plan exceeding $21 billion to bridge the fiscal gap.
The 2026 budget proposal was presented by the President before a joint session of the National assembly on December 19, 2025.
The assented budget saw a ₦9.85 trillion increase over the initial ₦58.47 trillion submitted to the National Assembly, making it ₦13.33 trillion higher than the 2025 budget.
The President had in December pegged the capital expenditure at ₦26.08 trillion with a crude oil benchmark of US$64.85 per barrel, with an expected total revenue of ₦34.33 trillion.
The proposal was predicated on a crude oil production of 1.84 million barrels per day, and a 2026 exchange rate of ₦1,400 to the US Dollar.
