Presidency Source Reveals Reasons for ₦58.18 Trillion 2026 Budget Increase by Tinubu

The Nigerian Presidency source disclosed that the 2026 federal government budget was increased to ₦58.18 trillion from the initial ₦54.46 trillion to cater to significant recruitment in military and police security agencies, as announced by President Bola Tinubu. The budget proposal includes a 6% increase from the 2025 budget, with substantial allocations for personnel costs, debt servicing, and non-oil revenue.

The budget deficit is projected at ₦23.85 trillion, representing 4.28% of GDP. This move signifies a shift towards reducing oil dependency and boosting non-oil revenue sources.