Tinubu Signs N68.32trn Budget, Implementation Starts April 1

On March 31, 2023, President Bola Tinubu signed the 2026 Appropriations Act, which outlines a total budget of N68.32 trillion. The budget includes N4.799 trillion for statutory transfers, N15.8 trillion for debt servicing, N15.4 trillion for recurrent expenditure, and N32.2 trillion for capital expenditure, with capital projects accounting for nearly 50% of the total budget.

Implementation of the budget is set to begin on April 1, 2023, and will extend the implementation period for capital components of the 2025 budget until June 30, 2026. Tinubu's administration aims to ensure disciplined, transparent, and efficient use of resources, with a strong emphasis on value for money and timely project delivery.

The budget prioritizes sectors such as security, infrastructure, education, and health, with allocations of N5.41 trillion for defense, N3.56 trillion for security, N3.52 trillion for infrastructure, N2.48 trillion for education, and N2.41 trillion for health. The budget is seen as a significant fiscal milestone, aligning public spending with long-term development priorities.