President Tinubu

Author: Gist Correspondent

President Bola Ahmed Tinubu has signed into law the 2026 Appropriation Bill, approving a total expenditure of ₦68.32 trillion, while also extending the implementation period of the 2025 budget to June 30, 2026.

The newly signed budget outlines ₦4.799 trillion for statutory transfers and ₦15.8 trillion for debt servicing, with ₦15.4 trillion allocated to recurrent expenditure. A significant ₦32.2 trillion has been earmarked for capital expenditure through the Development Fund.

With capital spending accounting for nearly 50 per cent of the total budget, the fiscal plan reflects the administration’s focus on economic stability, infrastructure development, national security, and inclusive growth.

The allocation structure underscores a deliberate balance between meeting statutory obligations, servicing debt, funding recurrent costs, and investing in critical infrastructure aimed at boosting productivity and improving citizens’ welfare.

In addition, the President approved the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the lifespan of the capital component of the 2025 Appropriation Act from March 31 to June 30, 2026.

Presidential spokesman Bayo Onanuga said the extension is designed to ensure the full utilisation of funds, particularly for key infrastructure and development projects already at advanced stages.

According to him, the move will allow Ministries, Departments, and Agencies to consolidate ongoing projects, improve completion rates, and maximise value for public spending.

Onanuga added that with the 2026 budget taking effect from April 1, full implementation will proceed in line with the administration’s Renewed Hope Agenda.

The President also directed MDAs to ensure prudent, transparent, and efficient use of public funds, stressing the importance of value for money and timely delivery of projects.

He commended the National Assembly of Nigeria for its cooperation and swift passage of the budget, describing the lawmakers’ efforts as patriotic and instrumental.

Tinubu further emphasised the need for sustained collaboration between the executive and legislative arms of government to drive national development.

He reassured Nigerians of his administration’s commitment to fiscal reforms, improved revenue generation, job creation, and strengthened social protection systems.