Nigeria's 2026 Borrowing Plan Increased to N29.20 Trillion

The Nigerian Federal Government has raised its borrowing plan for 2026 to N29.20 trillion, reflecting a significant increase of N11.31 trillion from the earlier projection of N17.89 trillion. This adjustment follows a review of the fiscal deficit, which is now estimated at N31.46 trillion.

The total government expenditure for 2026 is projected at N68.32 trillion, while revenue is expected to reach N36.87 trillion. The widening deficit is primarily driven by a higher reliance on debt financing, with borrowing accounting for the bulk of the deficit funding.

The government anticipates generating N189.16 billion from asset sales and N2.05 trillion from multilateral and bilateral loans. Debt servicing is projected at N15.81 trillion, making it one of the largest components of the budget.

Domestic debt servicing will account for N10.16 trillion, while foreign debt obligations are projected at N5.36 trillion. President Bola Tinubu previously raised the total budget from N58.4 trillion to N67.4 trillion, with stronger contributions expected from the telecommunications sector.