President Bola Ahmed Tinubu on Tuesday asked the National Assembly to approve a N9.09tn increase in the 2026 budget.
The government plans to finance the budget increase through crude oil gains linked to the Unites States-Iran conflict and by securing new loans
The Tinubu’s request, which signals a significant adjustment to the fiscal framework for the coming year, was conveyed in a letter read on the Senate floor by the President of the Senate, Godswill Akpabio, during plenary on Tuesday.
Tinubu explained that the proposed adjustment is intended to enhance fiscal transparency and support the effective execution of key national programmes.
The letter reads, “The proposed adjustment is aimed at strengthening fiscal transparency and ensuring the effective implementation of priority national programmes.”
According to him, the review would allow the government to properly capture existing public debt obligations within the fiscal framework.
The adjustment, Tinubu added, would also provide for a limited number of strategic priority projects while aligning the 2026 financing plan to safeguard macroeconomic stability and reduce pressure on the domestic financial market.
However, the National Assembly passed the 2026 Appropriation Bill, increasing the budget to N68.32tn from the N58.18tn initially proposed by President Bola Ahmed Tinubu.