President Tinubu has signed the 2026 Appropriation Bill into law, approving a total budget of ₦68.32 trillion for the fiscal year.
In addition, the President approved a bill extending the implementation period for the capital component of the 2025 budget. This extension moves the deadline from March 31, 2026, to June 30, 2026. According to a statement from the State House on Friday.
The newly approved budget allocates ₦4.799 trillion for statutory transfers and ₦15.8 trillion for debt servicing. It also designates ₦15.4 trillion for recurrent expenditures. While ₦32.2 trillion is set aside for the Development Fund to support capital projects.
Key Highlights
The Presidency noted that capital expenditure accounts for approximately 50% of the total budget. This allocation underscores the administration’s priorities: economic stability, national security, infrastructure development, and inclusive growth.
The government emphasized that the spending plan aims to balance statutory obligations, debt servicing, and operational costs, while also investing in initiatives to boost productivity and improve living standards.
The statement added, “President Tinubu has also signed the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026. Which extends the capital component of the 2025 Appropriation Act to June 30, 2026. This extension ensures full utilization of previously approved funds, particularly for infrastructure and development projects already in advanced stages.”
The Presidency further explained that this move will allow Ministries, Departments, and Agencies (MDAs) to consolidate ongoing projects, improve completion rates, and maximize the value of public spending.
Background
Earlier in March, President Tinubu requested Senate approval to increase the 2026 budget by ₦9 trillion, raising the total from ₦58.4 trillion to ₦67.4 trillion. This request was detailed in a letter to Senate President Godswill Akpabio, which was read during a plenary session.
