The House of Representatives have approved the sum of N68.30 trillion for the 2026 appropriation bill.
This is an increase of about N9tn from the N58.18 trillion that President Bola Tinubu presented to the joint assembly of the National Assembly in December.
TVC News Digital reports that the 2026 Budget, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is designed to consolidate recent economic reforms and translate stabilising macroeconomic indicators into improved living standards for Nigerians.
Outlining the fiscal framework, the President said the 2026 Budget projects total expenditure of N58.18 trillion and expected revenue of N34.33 trillion. Capital expenditure is estimated at N26.08 trillion, while recurrent non-debt expenditure stands at N15.25 trillion.
Debt servicing is projected at N15.52 trillion, with a budget deficit of N23.85 trillion, representing 4.28 per cent of Gross Domestic Product.
The Budget is anchored on conservative assumptions, including a crude oil benchmark of US$64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of N1,400 to the US dollar for the 2026 fiscal year.
President Tinubu said the assumptions reflect the administration’s commitment to realism, prudence, and fiscal sustainability.
