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, outlined in the 2026‑2028 Medium‑Term Expenditure Framework and Fiscal Strategy Paper, totals N54.46 trillion. Of this amount, N34.33 trillion is expected to come from retained revenue, while new borrowings—both domestic and foreign—are projected at N17.88 trillion. Debt servicing is estimated at N15.52 trillion, and expenditure on pensions, gratuities, and retirees’ benefits is projected at N1.376 trillion. The fiscal deficit is estimated at N20.13 trillion, with capital expenditure set at the same level. Transfers and statutory allocations are projected at N3.15 trillion, and the Sinking Fund at N388.54 billion. Total recurrent, non‑debt expenditure is projected at N15.265 trillion, with special interventions of N200 billion for recurrent and N14 billion for capital expenditures.
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 National Assembly will scrutinize the proposed budget, reviewing and debating the allocations before approving the final document. The Medium‑Term Expenditure Framework and Fiscal Strategy Paper provides a comprehensive overview of the government’s fiscal policies and priorities, detailing revenue projections, expenditure plans, and debt‑management strategies.
The joint session of the National Assembly, where the President will present the budget, is expected to be a crucial event in the legislative calendar. It will give lawmakers the opportunity to engage with the President and his economic team, raising questions and concerns about the allocations. The outcome of the budget presentation and subsequent debates will shape the country’s fiscal trajectory for the upcoming year.
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