President Bola Ahmed Tinubu has asked the National Assembly to approve a N9.09 trillion increase in the 2026 budget, signalling a major shift in the country’s fiscal outlook for the coming year.
The proposed increase is expected to be financed through projected gains in crude oil revenue linked to the ongoing United States–Iran tensions, as well as through new borrowing.
The request was formally conveyed in a letter read on the Senate floor by Senate President Godswill Akpabio during Tuesday’s plenary session.
According to the President, the adjustment is designed to improve fiscal transparency and ensure the effective implementation of key national programmes.
“The proposed adjustment is aimed at strengthening fiscal transparency and ensuring the effective implementation of priority national programmes,” the letter stated.
Tinubu further explained that the review would enable the government to properly account for existing public debt obligations within the fiscal framework.
He added that the increase would also accommodate a limited number of strategic priority projects, while aligning the 2026 financing plan to maintain macroeconomic stability and ease pressure on the domestic financial market.
