President Bola Ahmed Tinubu has officially written to the House of Representatives, requesting to present the 2026 Appropriation Bill to a joint session of the National Assembly. The letter, read on Thursday by Speaker Abbas Tajudeen, requested the presentation to take place at 12:00 noon on Friday, December 19, 2025.
“I write to crave the kind indulgence of the House of Representatives to grant me the slot of 12:00 noon on Friday, December 19, 2025, to formally present the 2026 budget to a joint session of the National Assembly,” the letter read.
Budget Size: N54.46 Trillion
The 2026–2028 Medium-Term Expenditure Framework (MTEF), and Fiscal Strategy Paper (FSP), sets the total proposed budget at N54.46 trillion, with N34.33 trillion expected as retained revenue. The figures reflect the government’s effort to balance development needs with fiscal realities.
Borrowing and Debt Under the Microscope
The framework projects new borrowings — both domestic and foreign — at N17.88 trillion, while debt service will cost N15.52 trillion. Pensions, gratuities, and retirees’ benefits are pegged at N1.376 trillion, with the fiscal deficitestimated at N20.13 trillion.
Capital vs. Recurrent Expenditure
The government plans capital expenditure of N20.13 trillion, excluding transfers and statutory allocations of N3.15 trillion. The Sinking Fund is set at N388.54 billion, while total recurrent (non-debt), expenditure is projected at N15.265 trillion. Special interventions for recurrent and capital spending stand at N200 billion and N14 billion, respectively.
Legislative Scrutiny Begins
Following the presentation, the National Assembly is expected to refer the Appropriation Bill to relevant committees, particularly the Appropriations Committee, which will carry out detailed line-by-line scrutiny. Lawmakers will examine revenue projections, sectoral allocations, and spending priorities before passing the bill into law.
Economic and Political Significance
The 2026 budget presentation comes at a time of heightened fiscal focus, as the government seeks to manage borrowing, boost infrastructure investment, and address social needs. Stakeholders, including business groups, civil society, and development partners, will closely watch how the budget aligns with Nigeria’s broader economic growth and fiscal stability goals.