 |
| Tinubu |
President Bola Ahmed Tinubu has signed the 2026 Appropriation Bill into law, unlocking a colossal ₦68.32 trillion budget to drive Nigeria’s economic agenda this year.
In a move to ensure seamless fiscal continuity, Tinubu also approved an extension of the 2025 budget implementation from March 31 to June 30, 2026, according to a statement from the Presidency today.
Key breakdowns in the 2026 budget include:
• ₦4.799 trillion for statutory transfers
• ₦15.8 trillion for debt service
• ₦15.4 trillion for recurrent expenditure
• ₦32.2 trillion for the Development Fund, fueling capital projects nationwide.
This landmark assent signals the administration’s commitment to infrastructure, debt management, and sustained growth amid economic pressures.
With capital expenditure accounting for about 50 per cent, the 2026 budget, according to the press release signed by Bayo Onanuga, Special Adviser to the President on Information & Strategy, underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
“The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” the statement stated.
Additionally, the President has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026, the statement maintains.
It further states: “The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
“It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure.
“With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda.
“President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
“He commended the leadership and members of the National Assembly for their diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
“The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives.
“He further assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.”
0 comments:
Post a Comment