National Assembly Approves ₦68.323 Trillion Budget for 2026
• This Day • Business
On February 28, 2026, the National Assembly of Nigeria approved a revised budget of ₦68.323 trillion, significantly altering the country's fiscal trajectory. This budget includes a fresh external borrowing request of $6 billion from President Bola Tinubu, with an oil price benchmark set at $64.85 per barrel, assuming daily oil production of 1.84 million barrels. The budget reflects an increase of ₦9 trillion from the initial proposal in December 2025. The joint committee's report highlighted the necessity of accommodating outstanding commitments from previous fiscal cycles. The breakdown of the approved budget allocates ₦4.799 trillion for statutory transfers, ₦15.809 trillion for debt servicing, and ₦15.427 trillion for recurrent non-debt expenditure, with ₦32.287 trillion dedicated to capital projects. Concerns were raised by former Vice President Atiku Abubakar regarding the rapid approval process, which took less than four hours. The budget aims to stimulate growth and support infrastructure development, including significant allocations for health and judicial sectors.
Topics: Politics, Economy