By Teddy Nwanunobi
President Bola Tinubu has assented to the 2026 Appropriation Bill and the bill extending the implementation period for the 2025 budget from March 31 to June 30.
The 2026 Appropriation Bill provides for an aggregate expenditure of ₦68.32 trillion.
According to a State House statement signed by the Special Adviser to the President, (Information & Strategy), Mr Bayo Onanuga, yesterday, the N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service.
It allocates N15.4 trillion for recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.
With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructural development and inclusive growth.
The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure and capital investments critical to driving productivity and improving the quality of life for Nigerians.
Additionally, the president has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31 to June 30.
The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
It will enable Ministries, Departments and Agencies, MDAs, to consolidate ongoing works, enhance project completion rates and maximise value for public expenditure.
With the 2026 Appropriation Act coming into force on April 1, the federal government will commence full implementation in line with the Renewed Hope Agenda.
Tinubu directed MDAs to ensure disciplined, transparent and efficient utilisation of allocated resources, with strong emphasis on value for money and timely project delivery.
He commended the leadership and members of the National Assembly for their diligence, cooperation and patriotism in expeditiously considering and passing the budget.
The president reaffirmed the importance of sustained collaboration between the executive and legislative arms of government in advancing national development objectives.
He assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation and prioritise investments that will stimulate economic growth, create jobs and strengthen social protection mechanisms.
