Tinubu Seek Senate Approval To Borrow ₦9tn

President Bola Ahmed Tinubu has formally requested the National Assembly of Nigeria to approve a ₦9 trillion increase in the 2026 national budget, raising the proposed spending plan from ₦58.4 trillion to ₦67.4 trillion.

The request was conveyed in a letter presented during plenary by Senate President Godswill Akpabio, signaling a significant fiscal adjustment aimed at strengthening economic management.

According to the President, the proposed increase is designed to boost transparency and ensure the effective execution of priority government programmes. He noted that the revision would help address outstanding financial obligations carried over from previous budgets, preventing them from disrupting the 2026 fiscal plan.

Tinubu also explained that the adjustment would allow for a more accurate reflection of the country’s existing debt commitments within the budget framework. In addition, it will create room for select strategic projects while aligning financing strategies to maintain macroeconomic stability and ease pressure on the domestic financial system.

The revised proposal builds on the initial 2026 budget, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” which the President presented late last year. That plan outlined total projected revenue of ₦34.33 trillion against ₦58.18 trillion in expenditure, with a deficit of ₦23.85 trillion—about 4.28% of GDP.

Key allocations in the original framework included ₦5.41 trillion for defence and security, underscoring the administration’s position that economic growth is closely tied to national stability.

The fiscal projections were anchored on assumptions such as a crude oil benchmark of $64.85 per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar.

Tinubu reaffirmed his administration’s commitment to disciplined spending, transparent debt management, and sustained economic reforms, as lawmakers prepare to deliberate on the proposed budget expansion.