Nigeria’s lawmakers approve $49.38 billion 2026 budget

Nigeria’s parliament has approved a $49.38 billion, approximately 68.30 trillion naira budget for 2026. This occurred after lawmakers agreed to an upward adjustment requested by Bola Tinubu.

The president had initially presented a 58.47 trillion naira spending plan to the National Assembly of Nigeria on December 19. The proposal was designed to consolidate ongoing economic reforms and stimulate growth across key sectors of the economy.

Lawmakers approved a higher figure on Tuesday following Tinubu’s request for revisions before the budget’s final passage.

Chairs of the appropriation committees in both chambers, Adeola Solomon Olamilekan of the Senate and Abubakar Kabiru Bichi of the House of Representatives, said the increase would cover outstanding capital projects carried over from previous budget cycles.

According to the joint statement, the adjustment is intended to ensure that unfinished projects do not create financial pressure on the 2026 fiscal programme.

Government officials say the expanded budget reflects continued efforts to fund infrastructure development, strengthen economic recovery, and support social programmes.

At the current exchange rate, the approved spending plan is estimated at 49.38 billion dollars.

SOURCE: Reuters