Bola Tinubu has signed the N68.32 trillion 2026
Appropriation Bill into law, marking a significant increase from the initial
proposal presented late last year.
The announcement was made by presidential spokesperson
Bayo Onanuga, who confirmed that the budget took effect from April 1, 2026.
Originally submitted at N58.47 trillion in December
2025, the budget was later revised upward by N9.81 trillion following a request
by the President and subsequent approval by the National Assembly on March 31.
According to details released, the budget allocates
N4.79 trillion for statutory transfers, N15.8 trillion for debt servicing, and
N15.4 trillion for recurrent expenditure. A substantial N32.2 trillion—about
half of the total budget—has been earmarked for capital projects under the
development fund.
The government said the spending plan reflects a
strategic focus on economic stability, infrastructure development, national
security, and inclusive growth.
In addition, the President approved an extension of
the capital component of the 2025 budget, moving its implementation deadline
from March 31 to June 30, 2026. The move is intended to allow ministries,
departments, and agencies (MDAs) to complete ongoing projects and maximize the
use of allocated funds.
Tinubu has directed all MDAs to ensure transparency,
discipline, and efficiency in the use of public resources, emphasizing value
for money and timely delivery of projects.
He also reiterated the importance of collaboration
between the executive and legislative arms of government in driving national
development.
The administration further pledged to continue fiscal
reforms, improve revenue generation, and prioritize investments aimed at
boosting economic growth, job creation, and social welfare across the country.
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