President Bola Tinubu has written to the National Assembly requesting adjustments to the 2026 Appropriation Bill, proposing an increase of ₦9 trillion to raise the total budget from ₦58.4 trillion to ₦67.4 trillion.
The request was conveyed in a letter read on the Senate floor by the President of the Senate, Godswill Akpabio, during plenary on Tuesday.
According to the president, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring the effective implementation of priority national programmes.
He outlined three key objectives behind the request, including to regularize and account for outstanding legal commitments carried over from previous appropriation cycles, preventing them from burdening the execution of the 2026 budget.
Secondly, the proposal, he said, aims to consolidate and properly capture existing government indebtedness within the fiscal framework as well as provide for a limited number of strategic and priority projects, while aligning the 2026 financing plan to preserve macro-fiscal stability and reduce pressure on the domestic financial market.
Last December, Tinubu presented the 2026 federal budget of ₦58.18 trillion, with ₦5.41 trillion allocated to defence and security, which represents approximately 9.3 percent of the total expenditure.
Presenting the budget themed ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’ to the national assembly, Tinubu said that without security, investment cannot thrive.
Tinubu said the 2026 budget is anchored on “realism, prudence, and growth orientation,” highlighting the key aggregates: expected total revenue of ₦34.33 trillion, projected total expenditure of ₦58.18 trillion, recurrent (non-debt) expenditure of ₦15.25 trillion, and capital expenditure of ₦26.08 trillion.
The budget carries a deficit of ₦23.85 trillion, representing 4.28 percent of GDP, which the President said is aligned with his administration’s fiscal framework.
“These numbers are not just accounting lines. They are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value‑for‑money spending,” he said.
“The 2026–2028 Medium‑Term Expenditure Framework and Fiscal Strategy Paper sets the parameters for this budget. Our projections are based on a conservative crude oil benchmark of US$64.85 per barrel; crude oil production of 1.84 million barrels per day; and an exchange rate of N1,400 to the US Dollar for the 2026 fiscal year.”
