Our Reporter, Abuja
President Bola Ahmed Tinubu has signed into law the 2026 Appropriation Bill with a total expenditure of N68.32 trillion, while also approving an extension of the implementation period for the capital component of the 2025 budget from March 31 to June 30, 2026.
The President assented to the two bills on Friday, according to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.
A breakdown of the 2026 budget shows that N4.799 trillion is allocated to statutory transfers, N15.8 trillion to debt servicing, N15.4 trillion to recurrent expenditure, and N32.2 trillion to the Development Fund for capital expenditure.
The administration said the budget, with capital expenditure accounting for about 50 per cent of total spending, reflects its commitment to economic stability, national security, infrastructure development and inclusive growth.
According to the statement, the allocations are designed to balance statutory obligations, debt servicing, recurrent spending and capital investments needed to drive productivity and improve the living standards of Nigerians.
Tinubu also signed the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, extending the lifespan of the capital component of the 2025 budget to allow for the completion of ongoing critical infrastructure and development projects.
The presidency said the extension would enable Ministries, Departments and Agencies to consolidate ongoing works, improve project completion rates and ensure value for public expenditure.
With the 2026 Appropriation Act taking effect from April 1, the Federal Government is expected to commence full implementation in line with the administration’s Renewed Hope Agenda.
President Tinubu directed MDAs to ensure prudent, transparent and efficient use of allocated funds, stressing value for money and timely project delivery.
He also commended the National Assembly for what he described as diligence and cooperation in the speedy passage of the budget, while reaffirming the importance of continued collaboration between the executive and legislative arms in advancing national development.
The President further pledged to deepen fiscal reforms, boost revenue generation and prioritise investments aimed at stimulating economic growth, creating jobs and strengthening social protection.
