President Bola Tinubu has asked the National Assembly to approve an upward review of the 2026 Appropriation Bill, increasing the proposed budget from N58.4 trillion to N67.4 trillion.
The request was contained in a letter read by Senate President Godswill Akpabio during plenary in Abuja on Tuesday, March 31, 2026.
According to Tinubu, the increase is aimed at strengthening fiscal transparency and ensuring the effective execution of key national programmes.
The president said the budget review was driven by three main objectives, including the need to regularise and settle outstanding legal obligations from previous budget cycles, to fully account for existing public debt within the 2026 fiscal framework, and to fund a limited number of strategic priority projects while maintaining macroeconomic stability and reducing pressure on domestic financial markets.
Tinubu seeks Senate approval to borrow $6bn for debt repayment, port upgrades
Tinubu had, in December 2025, presented a N58.18 trillion budget proposal for 2026, earmarking N5.41 trillion (around 9.3%) for defence and security.
The proposal projected total revenue of N34.33 trillion, total expenditure of N58.18 trillion, N15.25 trillion for recurrent spending, and N26.08 trillion for capital projects.
It included a N23.85 trillion deficit, representing 4.28% of Nigeria’s GDP, in line with the government’s fiscal strategy.
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