Tinubu To Unveil ₦54.4 Trillion 2026 Budget To National Assembly Tomorrow

President Bola Tinubu is set to present the 2026 Appropriation Bill to a joint session of the National Assembly tomorrow, Friday, December 19, with the session scheduled to commence at 2:00 pm. A notice issued by the Office of the Clerk to the National Assembly on Wednesday urged all accredited personnel to be at their posts by 11:00 am, as access to the National Assembly Complex will be restricted for security reasons. The 2026 budget is projected at ₦54.4 trillion, consistent with the approved 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper.

In a related development, President Tinubu has requested that the National Assembly repeal and re-enact the 2024 Appropriation Act. The proposed Appropriation (Repeal and Re-enactment) Bill 2024, seeks authorization to allocate a total of ₦43.56 trillion from the Consolidated Revenue Fund for 2025. The proposal breaks down into ₦1.74 trillion for statutory transfers, ₦8.27 trillion for debt servicing, ₦11.27 trillion for recurrent (non-debt) expenditure, and ₦22.28 trillion for capital expenditure and development contributions. The President explained that the bill aims to end the practice of running multiple budgets simultaneously while ensuring higher capital performance rates for both the 2024 and 2025 budgets.

Tinubu also stated that the legislation would provide a transparent, constitutionally grounded framework for appropriating critical and urgent expenditures, including those related to emergencies and national security, while strengthening fiscal discipline by mandating funds to be used strictly for approved purposes. The bill has passed the first and second readings in the House of Representatives and is now before the Committee on Appropriations for further consideration.

Some analysts have cautioned that extending budgets and rolling capital expenditures could lead to duplication of allocations, project confusion, and potential mismanagement, possibly undermining economic performance and investor confidence. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, called for a comprehensive overhaul of Nigeria’s budget process, emphasizing the need to consolidate outstanding projects and align expenditures with realistic revenue projections. Yusuf highlighted that sustainable debt management and credible fiscal planning are critical to restoring development spending capacity and breaking the cycle of recurring budget rollovers.