By Enoh Blessing.
President Bola Ahmed Tinubu has signed into law the 2026 Appropriation Bill, approving a total expenditure of ₦68.32 trillion for the fiscal year.
Alongside the new budget, the President also approved an extension of the 2025 budget implementation period from March 31, 2026, to June 30, 2026.
The announcement was conveyed in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
According to the statement, ₦4.799 trillion has been allocated for statutory transfers, ensuring obligations such as pensions and government commissions are funded.
A substantial ₦15.8 trillion has been earmarked for debt servicing, reflecting the government’s commitment to meeting its financial obligations.
The budget also sets aside ₦15.4 trillion for recurrent expenditure, covering salaries, overheads, and the day-to-day running of government operations.
Notably, ₦32.2 trillion has been allocated to the Development Fund for capital expenditure, accounting for about 50 percent of the total budget.
This strong capital allocation highlights the administration’s focus on infrastructure development, economic stability, national security, and inclusive growth.
The extension of the 2025 budget is aimed at ensuring the full utilisation of funds, especially for ongoing critical infrastructure projects nearing completion.
President Tinubu also urged Ministries, Departments, and Agencies (MDAs) to ensure transparency, efficiency, and value for money, while commending the National Assembly for swiftly passing the budget.
