Nigeria Increases 2026 Borrowing Plan by N11 Trillion

The Federal Government of Nigeria has revised its borrowing plan for 2026, increasing it by N11 trillion to a total of N29 trillion. This adjustment follows the proposal of an expanded budget size, as detailed in an official document obtained on Sunday.

The new borrowing estimate reflects a sharp rise in expenditures, driven by a widening fiscal deficit, with total spending projected at N68.32 trillion and revenues at N36.87 trillion, resulting in a deficit of N31.46 trillion. The financing plan indicates that the bulk of the deficit will be funded through borrowing, with additional contributions from asset sales and loans.

Debt servicing is expected to account for N15.81 trillion, making it one of the largest components of the budget. The increase in borrowing is linked to higher revenue projections, including contributions from federal revenue and government enterprises.

President Bola Tinubu has requested the National Assembly to approve an increase of N9.09 trillion for the budget, which aims to support infrastructure development and other key sectors ahead of the 2027 general elections.