By Peter Omopo
The House of Representatives has approved a total sum of N68.30 trillion for the 2026 appropriation bill, marking a significant increase from the initial proposal submitted by President Bola Ahmed Tinubu.
The approved figure represents an increase of about N9 trillion from the N58.18 trillion budget proposal earlier presented to a joint session of the National Assembly of Nigeria in December.
The 2026 budget, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is aimed at strengthening ongoing economic reforms and translating macroeconomic stability into improved living standards for Nigerians.
According to details of the fiscal framework, the 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 spending stands at N15.25 trillion.
Debt servicing is projected at N15.52 trillion, with a fiscal deficit of N23.85 trillion, representing 4.28 per cent of the country’s Gross Domestic Product.
The budget is based on key economic assumptions, including a crude oil benchmark of 64.85 dollars per barrel, daily oil production of 1.84 million barrels, and an exchange rate of N1,400 to the dollar for the 2026 fiscal year.
President Tinubu stated that the projections reflect the administration’s commitment to fiscal discipline, realism, and sustainability as it seeks to stabilise the economy and drive inclusive growth.
