Nigeria’s parliament has approved a revised 2026 national budget of 68.30 trillion naira (approximately $49.4 billion), following a request by Bola Tinubu to adjust the original proposal submitted late last year.
The initial budget, presented in December, stood at 58.47 trillion naira and was designed to consolidate ongoing economic reforms and accelerate growth. However, lawmakers endorsed a higher figure to accommodate additional fiscal priorities.
According to parliamentary leaders, the increase is intended to cover outstanding capital projects carried over from previous budget cycles, ensuring that unresolved financial obligations do not weigh on the 2026 fiscal programme.
The approval comes as the Tinubu administration continues to implement sweeping economic reforms aimed at strengthening public finances. These measures include the removal of fuel and energy subsidies, currency adjustments, and changes to the tax system—policies widely regarded as some of the most ambitious in Nigeria’s recent history.
In addition to the expanded budget, lawmakers also approved a $6 billion external borrowing plan to support government spending. The funds are expected to finance infrastructure development, settle outstanding commitments, and support debt servicing, with a significant portion allocated to capital projects across the 2025 and 2026 fiscal periods.
Economic projections tied to the budget estimate growth at 4.68% for 2026, slightly above earlier forecasts. However, the fiscal deficit is expected to widen beyond initial estimates, reflecting the increased spending plan.
The approved budget will now be forwarded to the president for assent, marking a critical step in Nigeria’s efforts to stabilise its economy and sustain long-term growth.
