By Jemimah Wellington, JKNewsMedia Correspondent
NIGERIA’s N68.32 trillion 2026 appropriation bill has been signed into law on Friday by President Bola Tinubu, setting out aggregate expenditure for the fiscal year.
JKNewsMedia,com reports that Bayo Onanuga, Special Adviser to the President on Information and Strategy, announced in a statement that President Tinubu assented to the 2026 Appropriation Bill providing for total spending of N68.32 trillion.
The National Assembly (NASS) had passed the budget on March 31 following the president’s upward review request.
Tinubu had presented N58.47 trillion as the 2026 appropriation bill in December 2025 before requesting an increase of N9.81 trillion on March 31, raising the total to N68.32 trillion.
Onanuga said the budget earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service, while N15.4 trillion is allocated to recurrent expenditure and ₦32.2 trillion to the Development Fund for Capital Expenditure.
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth,” he said.
“The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians.”
The president also assented to the Appropriation Repeal and Enactment Amendment Bill 2026, extending the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
“The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country. It will enable ministries, departments, and agencies MDAs to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure,” the statement said.
Onanuga stated that the 2026 Appropriation Act took effect on April 1, with full implementation to commence in line with the Renewed Hope Agenda.
He added that the president directed ministries, departments, and agencies to ensure disciplined, transparent, and efficient utilisation of allocated resources with emphasis on value for money and timely project delivery.
Tinubu commended the NASS for its diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
He reaffirmed the importance of sustained collaboration between the executive and legislative arms of government in advancing national development objectives.
He also assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments to stimulate economic growth, create jobs, and strengthen social protection mechanisms.
He also that the budget is expected to be partly financed through external borrowing following approval of a foreign loan plan exceeding $21 billion to bridge the fiscal gap.
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