President Bola Ahmed Tinubu has approved the 2026 Appropriation Bill, signing into law a N68.32 trillion budget.
He also signed an amendment extending the implementation of the 2025 budget from March 31 to June 30, 2026.
The 2026 budget provides N4.799 trillion for statutory transfers and N15.8 trillion for debt servicing.
It allocates N15.4 trillion for recurrent expenditure, while N32.2 trillion is set aside for capital projects through the development fund.
The government said the budget reflects a focus on economic stability, national security, infrastructure development, and inclusive growth.
Officials noted that the spending plan balances statutory obligations, debt commitments, and investments aimed at improving productivity and living standards.
The extension of the 2025 budget is expected to allow Ministries, Departments, and Agencies to complete ongoing projects and improve utilisation of funds, particularly for infrastructure nearing completion.
The 2026 budget took effect from April 1, with full implementation expected to proceed in line with the administration’s policy agenda.
Tinubu directed government agencies to ensure transparent and efficient use of resources, with emphasis on value for money and timely project delivery.
He also commended the National Assembly for the swift passage of the budget and reaffirmed the need for continued cooperation between the executive and legislature.
The president further pledged to sustain fiscal reforms, improve revenue generation, and prioritise investments that support economic growth, job creation, and social protection.
