President Bola Ahmed Tinubu has requested Senate
approval for adjustments to the 2026 federal budget, aimed at improving fiscal
transparency and ensuring efficient execution of key government programmes.
The request was formally presented in a letter read
during plenary by the President of the Senate, Godswill Akpabio.
According to the president, the proposed changes are
designed to address outstanding financial obligations from previous budget
cycles, ensuring they do not hinder the implementation of the 2026 budget.
He also noted that the adjustments would help
consolidate existing government debts within the fiscal framework, while making
provisions for selected priority projects. The move is further intended to
align the country’s financing strategy with broader economic goals, including
maintaining stability and reducing pressure on the domestic financial market.
In December, Tinubu presented a ?58.18 trillion budget
proposal for 2026, allocating ?5.41 trillion—about 9.3 percent—to defence and
security.
Tagged “Budget of Consolidation, Renewed Resilience
and Shared Prosperity,” the proposal is built on projections of ?34.33 trillion
in revenue against total expenditure of ?58.18 trillion. It includes ?15.25
trillion for recurrent spending and ?26.08 trillion for capital projects.
The budget also carries a deficit of ?23.85 trillion,
representing 4.28 percent of Nigeria’s Gross Domestic Product, which the
president said aligns with the government’s fiscal strategy.
Tinubu emphasised that the budget reflects national
priorities, stressing a commitment to responsible spending, transparency, and
long-term economic sustainability.
He added that the projections are based on
conservative assumptions, including a crude oil benchmark of $64.85 per barrel,
daily production of 1.84 million barrels, and an exchange rate of ?1,400 to the
dollar for the 2026 fiscal year.
Comments:
Leave a Reply