Tinubu Seeks 9 Trillion Naira 2026 Budget Increase

President Bola Tinubu has requested National Assembly approval to raise Nigeria's 2026 budget by nearly 9 trillion naira, increasing the total from 58.4 trillion naira to 67.4 trillion naira, while also seeking endorsement for 6 billion dollars in external loans to support infrastructure and debt management. The proposals, outlined in letters presented during Tuesday's Senate plenary session in Abuja, come as lawmakers resume from a two-week Eid al-Fitr break and reflect the government's efforts to address fiscal challenges amid rising public debt.

The budget adjustment, representing about a 16 percent increase to what was already the largest spending plan in Nigeria's history, aims to enhance transparency in government expenditures and secure funding for critical national projects. In his communication, read by Senate President Godswill Akpabio, Tinubu cited three key objectives: clearing outstanding legal obligations from prior budgets to avoid disrupting 2026 implementations, incorporating existing government debts into the fiscal framework, and allocating resources for select strategic initiatives. He emphasized that the revision would align financing strategies to promote...