Skip to main content

Tinubu writes Senate, seeks approval of ₦9trn Increase to 2026 budget


ABUJA- PRESIDENT Bola Tinubu has written the Senate, seeking for 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 during Plenary on Tuesday by the President of the Senate, Godswill Akpabio.

In the letter read by Akpabio,  President Tinubu is proposing an  adjustment that is designed to  strengthen 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, the President said that it is aimed  at  consolidating 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.

Recall that 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.”

Details later…


Labels:

Comments

Post a Comment

Popular posts from this blog

JUST IN: If Tinubu Had Told Me, I Wouldn’t Have Agreed To Rivers State Of Emergency Rule – Wike

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has stated that he would not have agreed with President Bola Ahmed Tinubu if he had discussed his move to declare a State of Emergency in Rivers State. Wike noted that he is not in conflict with the suspended Rivers State Governor,      Sim Fubara  He stressed his opposition on the State of Emergency rule, stating that only the President knows the right time to lift it. While speaking to journalists in Abuja on Monday, Wike remarked that Fubara has permitted himself to be manipulated by his adversaries to oppose him. The FCT Minister said: “ I made it clear that this impunity will not stand, so what is happening in PDP is what I call undertakers because I see no reason why you will put yourself under that kind of crisis. “I don’t have any crisis with him (Fubara). I’m not the President who declared a State of Emergency; if Mr President had called me, I wouldn’t have agreed to the State of Emergenc...
Post a Comment
Read more

Breaking: ASUU suspends 2-week warning strike

The Academic Staff Union of Universities, ASUU, has suspended its two-week warning strike it declared last week across all public universities in the country. The union announced the suspension on Wednesday at a press conference held at its headquarters in Abuja. President of ASUU, Chris Piwuna, who read a prepared speech before newsmen, explained that the development followed intervention by the Senate and some other well-meaning Nigerians. However, he sad the National Executive Council of the Union resolved to give the government a one-month window to address all contending areas.
2 comments
Read more

Woman Burned to Death, Accused of Kidnapping 7yrs Old Boy in Delta

By Tessy ogbemi An angry mob set ablaze a woman accused in a failed child kidnapping attempt in Agbarho community, Ughelli North Local Government Area of Delta State.  The incident happened on Wednesday, September 24, 2025.  An eyewitness disclosed at the scene of the incident at Ekwvere Road claimed that the woman hid the seven year old boy she allegedly abducted in a sack, adding that she was even carrying a Bible on one hand.  Community sources said some residents in the area accosted the lady when they observed the way she was dragging the sack, to know what she had in it.  "She was unstable when they asked her to disclose what she was carrying in the sack. When the bag was forced open, they found a seven year old child in it. They shouted and it attracted a large crowd,” a source said.  It was gathered that the angry mob immediately brought a used tyre to the scene, which they forced down her neck after beating her to a pulp.  “The lady and the tyre we...
2 comments
Read more