Elegbede Abiodun
The 2026 budget is expected to play a central role in advancing the government’s policy.
President Bola Tinubu has signed into law the 2026 Appropriation Bill of ₦68.32 trillion, while also approving an extension of the 2025 budget implementation period to June 30, 2026.
The new budget, which takes effect from April 1, outlines key spending priorities, with ₦4.799 trillion allocated for statutory transfers and ₦15.8 trillion earmarked for debt servicing. Recurrent expenditure is set at ₦15.4 trillion, while ₦32.2 trillion has been designated for capital projects under the Development Fund.
With capital expenditure accounting for about 50 per cent of the total budget, the plan signals the administration’s continued focus on infrastructure development, economic stability, national security and inclusive growth.
The allocations reflect what the government describes as a balance between meeting statutory obligations, servicing debt and funding critical investments aimed at boosting productivity and improving living standards.
In a related move, the President also assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, extending the implementation period for the capital component of the 2025 budget from March 31 to June 30, 2026.
The extension is expected to allow Ministries, Departments and Agencies (MDAs) complete ongoing projects, particularly those at advanced stages, and ensure better utilisation of public funds.
The presidency said the measure would help improve project completion rates and maximise value for government spending.
President Tinubu directed MDAs to ensure disciplined and transparent use of allocated resources, stressing the need for efficiency and timely delivery of projects.
He also commended the leadership of the National Assembly for what he described as swift consideration and passage of the budget, noting that cooperation between the executive and legislature remains key to achieving national development goals.
Reaffirming his administration’s economic agenda, the President said efforts would continue to focus on fiscal reforms, improved revenue generation and strategic investments aimed at driving growth, creating jobs and strengthening social protection programmes.
The 2026 budget is expected to play a central role in advancing the government’s policy direction as it seeks to stabilise the economy and accelerate development across key sectors.
