JUST IN: Tinubu signs ₦68.32trn 2026 budget, extends 2025 spending deadline

President Bola Tinubu has signed the N68.32 trillion 2026 appropriation bill into law.

Bayo Onanuga, the Special Adviser to the President on Information and Strategy, disclosed this in a statement on Friday.

Onanuga said the 2026 budget provides N4.79 trillion for statutory transfers and N15.8 trillion for debt servicing.

According to him, N15.4 trillion has been allocated for recurrent expenditure, while N32.2 trillion is set aside for capital expenditure under the development fund.

“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth,” he said.

“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.”

Onanuga also announced that the president approved an extension of the implementation period for the 2025 budget from March 31 to June 30.

“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, 2026, to June 30, 2026,” he said.

“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.”

Onanuga added that the 2026 appropriation act took effect from April 1, with full implementation to proceed in line with the administration’s Renewed Hope Agenda.

He further stated that the president directed ministries, departments, and agencies (MDAs) to ensure disciplined, transparent, and efficient use of allocated resources, with emphasis on value for money and timely project delivery.

“President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery,” he said.

Onanuga noted that the president also reaffirmed the importance of continued collaboration between the executive and legislative arms of government in advancing national development goals.

The president assured Nigerians of his administration’s commitment to deepening fiscal reforms, improving revenue generation, and prioritising investments aimed at stimulating economic growth, creating jobs, and strengthening social protection systems.