President Bola Tinubu has formally requested to present the 2026 Appropriation Bill to the National Assembly. In a letter read on the floor of the House of Representatives, the President asked to address a joint session at noon on December 19, 2025. The proposed budget, as outlined in the 2026-2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, stands at N54.46 trillion.

The budget breakdown indicates that N34.33 trillion is expected to come from retained revenue, while new borrowings are projected at N17.88 trillion. This includes both domestic and foreign loans. Debt servicing is estimated at N15.52 trillion. Expenditure on pensions, gratuities, and retirees’ benefits is projected at N1.376 trillion, with a fiscal deficit estimated at N20.13 trillion.

Capital expenditure is set at N20.13 trillion, excluding transfers and statutory allocations projected at N3.15 trillion. The Sinking Fund is estimated at N388.54 billion. Total recurrent, non-debt expenditure is projected at N15.265 trillion, with special interventions for recurrent and capital expenditures pegged at N200 billion and N14 billion, respectively.

The presentation of the 2026 Appropriation Bill is a significant step in the budgetary process, as it outlines the government’s spending plans for the upcoming year. The proposed budget will be scrutinized by the National Assembly, which will review and debate the allocations before approving the final budget.

The Medium-Term Expenditure Framework and Fiscal Strategy Paper provides a comprehensive overview of the government’s fiscal policies and priorities. The document outlines the government’s revenue projections, expenditure plans, and debt management strategies. The approval of the 2026 budget will have significant implications for the country’s economic development and fiscal stability.

The joint session of the National Assembly, where the President will present the budget, is expected to be a crucial event in the country’s legislative calendar. The presentation will provide an opportunity for lawmakers to engage with the President and his economic team, and to raise questions and concerns about the budget allocations. The outcome of the budget presentation and subsequent debates will shape the country’s fiscal trajectory for the upcoming year.