Welcome

Tag: 2026 Budget

  • Reps Clash Over Motion to Summon Tinubu on Insecurity, Coastal Highway Spending

    A heated debate broke out in the House of Representatives on Tuesday as lawmakers clashed over a motion seeking to invite President Bola Ahmed Tinubu to address the chamber on the country’s worsening insecurity and the Federal Government’s spending on the Lagos-Calabar Coastal Highway project.

    The motion triggered sharp exchanges during plenary, with members expressing opposing views on whether the President should personally explain the administration’s priorities amid growing security concerns across the country.

    Lawmakers raise security concerns

    While presenting the motion, one lawmaker argued that insecurity had reached an alarming level, with kidnappings and violent attacks continuing across several parts of the country.

    “Our people are being kidnapped every day, heads are being chopped off on national television, Nigerians are suffering,” the lawmaker said, questioning the government’s decision to commit trillions of naira to the coastal highway project while many communities remain under threat.

    The debate quickly became rowdy as some members backed the motion, insisting the National Assembly had a constitutional responsibility to demand accountability from the executive.

    Others, however, defended the government’s infrastructure drive, arguing that projects such as the Lagos-Calabar Coastal Highway are critical to Nigeria’s long-term economic growth and should not be politicised.

    Sharp divisions during plenary

    The exchanges forced repeated interventions from the presiding officer as lawmakers shouted across the chamber while attempting to make their positions known.

    The motion highlighted growing concerns within the House over the balance between addressing immediate security challenges and funding major infrastructure projects.

    Awaiting House decision

    As of the time of filing this report, the House had not announced a final resolution on whether President Tinubu would be invited to appear before lawmakers.

    The Presidency has also not issued any official response to the debate.

  • Tinubu Government Spends N4.24bn On Presidential Air Fleet In Six Months

    The Federal Government under President Bola Ahmed Tinubu spent about N4.24bn on the Presidential Air Fleet within six months, according to spending records obtained from Govspend, a civic technology platform tracking public expenditures.

    The records showed that the payments were made between June and December 2025 for the operational and logistical maintenance of the Presidential Air Fleet amid increasing public concern over government spending and calls for cost-cutting measures.

    Breakdown Of Transactions

    Findings revealed that the funds were paid into the Presidential Air Fleet naira transit account operated by the State House through eight separate transactions across June, July and December 2025.

    The largest portion of the spending was recorded in July 2025, when four transactions amounting to N2.43bn were made within one week.

    According to the records, N1.285bn was disbursed on June 12, while N430m was paid on July 24. Another N1.28bn followed on July 25, alongside N92m on July 29 and N626m on July 31.

    Further payments were made in December, including N9m on December 18, described as “Presidential Air Fleet forex transit funds,” while N343.9m and N90.9m were disbursed on December 30 and 31 respectively.

    Questions Over Spending Details

    The report also revealed that four of the eight transactions were listed without descriptions and simply marked as “None” in the Govspend database.

    Most of the transfers were, however, labelled as “Forex Transit Funds,” usually linked to foreign exchange requirements for international operations such as aircraft maintenance, fuel purchases and payments for overseas services.

    The latest figures add to the rising cost of maintaining the Presidential Air Fleet since President Tinubu assumed office in 2023.

    Presidential Fleet Costs Continue Rising

    Data showed that at least N26.38bn was spent on Presidential Air Fleet operations between July 2023 and December 2024 alone.

    Out of the figure, N14.15bn was reportedly spent in 2024.

    Budget allocations for the fleet also showed a steady rise over the years. The fleet received N17.32bn allocation in the 2025 budget before it dropped to N14.70bn in the 2026 budget.

    The reduction was largely attributed to lower capital expenditure projections.

    Records further indicated that engine overhaul projects across the fleet consumed N4.58bn in 2024, N8.65bn in 2025 and N6.05bn in 2026, bringing the total spending on engine maintenance to N19.27bn within three years.

    Concerns Amid Economic Hardship

    The development comes at a time many Nigerians continue to raise concerns over economic hardship, rising inflation and austerity measures introduced by the Federal Government following fuel subsidy removal and ongoing economic reforms.

    Budget data also showed that allocations to the Presidential Air Fleet have risen significantly over the years, increasing from N4.37bn in 2017 under the Buhari administration to N20.52bn in 2024.

  • FAAC Shares N2.036trn March Revenue Amid Mixed Oil, Tax Returns

    The Federation Account Allocation Committee (FAAC) has shared N2.036 trillion among the three tiers of government for March 2026, reflecting a mix of rising tax revenues and declining oil-related earnings.

    How the funds were shared

    The allocation was finalised in Abuja during FAAC’s monthly meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

    According to a communiqué issued after the meeting, the federal government received N789.159 billion, states got N657.596 billion, while local government councils were allocated N468.826 billion.

    Oil-producing states also received N120.759 billion as 13 per cent derivation revenue.

    Breakdown of revenue sources

    The distributable sum of N2.036 trillion was drawn from a gross revenue of N2.364 trillion.

    This included N1.320 trillion from statutory revenue, N515.391 billion from Value Added Tax (VAT), and an augmentation of N200 billion.

    From statutory revenue alone, the federal government received N632.260 billion, states got N320.691 billion, while local governments received N247.239 billion.

    VAT distribution details

    Out of the N515.391 billion VAT pool, the federal government received N51.539 billion, states were allocated N283.465 billion, and local governments got N180.387 billion.

    Revenue performance shows mixed trends

    The communiqué revealed that gross statutory revenue rose to N1.699 trillion in March, an increase of N137.914 billion compared to February’s N1.561 trillion.

    However, VAT revenue dipped slightly to N664.425 billion, down by N4.025 billion from the previous month.

    From the total revenue, N81.084 billion was deducted as cost of collection, while N246.872 billion was set aside for transfers, refunds, and savings.

    Taxes rise, oil earnings fall

    In terms of performance, Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, and Excise Duties recorded notable increases.

    On the other hand, Petroleum Profit Tax (PPT), Hydrocarbon Tax, Oil and Gas Royalties, Import Duty, and Common External Tariff (CET) declined. VAT collections also recorded a slight drop.

    The latest FAAC allocation highlights ongoing shifts in Nigeria’s revenue structure, with stronger tax contributions offsetting weaker oil inflows, a trend that continues to shape latest Nigerian news and breaking news Nigeria today.

     

  • Tinubu Signs ₦68.32trn 2026 Budget, Extends 2025 Implementation Deadline

    President Bola Ahmed Tinubu has signed the 2026 Appropriation Bill into law, approving a total budget of ₦68.32 trillion for the fiscal year while also extending the implementation of the 2025 budget to June 30, 2026.

    Breakdown of the budget

    Details released by the Presidency show that ₦4.799 trillion is allocated for statutory transfers, while ₦15.8 trillion is set aside for debt servicing.

    Recurrent expenditure will gulp ₦15.4 trillion, while ₦32.2 trillion has been earmarked for capital projects under the Development Fund.

    The Presidency said the allocation reflects a balance between ongoing obligations and investments aimed at boosting infrastructure and economic growth.

    Extension of 2025 budget

    Tinubu also signed an amendment extending the lifespan of the 2025 Appropriation Act from March 31 to June 30, 2026.

    According to the government, the extension is to allow Ministries, Departments and Agencies to complete ongoing capital projects already at advanced stages.

    Officials say the move will help maximise the use of allocated funds and improve project delivery across the country.

    Focus on infrastructure, growth

    The government noted that capital expenditure accounts for about 50 per cent of the total budget, signalling a strong focus on infrastructure, security and inclusive growth.

    The 2026 budget took effect from April 1, with full implementation already underway.

    Tinubu tasks MDAs

    The President has directed MDAs to ensure transparency, discipline and efficiency in the use of public funds.

    He also emphasised the need for value for money and timely execution of projects.

    Tinubu commended the National Assembly for what he described as swift consideration and passage of the budget, while reaffirming the importance of collaboration between both arms of government.

    He further assured Nigerians of continued fiscal reforms, improved revenue generation and investments targeted at job creation and economic stability.

  • Tinubu Asks Senate to Approve ₦9.3trn Hike, Raising 2026 Budget to ₦67.7trn

    President Bola Tinubu has formally requested the National Assembly to approve an upward revision of ₦9.3 trillion to Nigeria’s 2026 budget, a move that, if approved, would raise total federal spending from ₦58.47 trillion to ₦67.7 trillion, making it the largest proposed federal budget in Nigerian history.

    The request was conveyed in a letter read by Senate President Godswill Akpabio on the floor of the Senate on Tuesday, as lawmakers returned from the two-week Eid-el-Fitr recess. Akpabio subsequently referred the proposal to the Senate Committee on Appropriations for detailed legislative consideration.

    Why Tinubu says the increase is needed

    The president cited three reasons for the proposed increase in his letter to the Senate.

    First, he said the adjustment is designed to regularise and account for outstanding legal commitments carried over from previous appropriation cycles, preventing them from burdening the execution of the 2026 budget going forward.

    Second, the increase is intended to fund outstanding legacy capital projects inherited from previous budgets — with a specific focus on ensuring their completion rather than allowing them to continue rolling over indefinitely from one fiscal year to the next.

    Third, the president said the additional spending would support key transport infrastructure projects aligned with the administration’s development agenda, while also preserving macro-fiscal stability and easing pressure on the domestic financial market.

    The 2026 budget’s original framework

    Tinubu presented the original 2026 budget of ₦58.18 trillion to the National Assembly on December 19, 2025, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity.” The budget projected total revenue of ₦34.33 trillion, capital expenditure of ₦26.08 trillion, and recurrent non-debt expenditure of ₦15.25 trillion. It carried a deficit of ₦23.85 trillion, representing 4.28 per cent of GDP. Key projections included a crude oil benchmark price of $64.85 per barrel, oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the dollar.

    Notably, the 2026 budget had not yet been passed by the National Assembly as of Tuesday’s request, meaning Tinubu is seeking a significant amendment to a budget that is still awaiting legislative approval.

    Legacy capital rollover problem

    Tuesday’s request is directly connected to a broader fiscal reset Tinubu has been attempting since taking office. In December 2025, the House of Representatives approved Tinubu’s request to extend the 2025 budget implementation to March 31, 2026, after the administration disclosed that approximately ₦16.76 trillion initially earmarked for capital projects could not be funded within the original 2025 timeline and was rolled over to the 2026 fiscal year.

    Tinubu has repeatedly stated his determination to end Nigeria’s long-standing practice of overlapping budgets, vowing that from April 2026, Nigeria will operate on a single budget backed by a single revenue cycle, with no rollovers, no overlaps, and no excuses. Tuesday’s request to increase the 2026 budget by ₦9.3 trillion is framed as the mechanism to clear the inherited backlog before that clean slate begins.

    What it means for Nigerians

    The proposed ₦67.7 trillion budget,  if approved, would mean Nigeria’s federal government would spend more than double what it did just three years ago, when the 2023 budget stood at approximately ₦21.8 trillion. The increase reflects the sharp devaluation of the naira since the subsidy removal in 2023, which has inflated the naira cost of virtually all government programmes denominated in dollars, including debt service, infrastructure contracts, and security spending.

    The development is expected to generate debate among lawmakers and economic stakeholders, particularly regarding funding sources, implementation capacity, and the broader implications for Nigeria’s fiscal outlook. Critics are likely to question how a government that has already warned of a ₦23.85 trillion deficit in the original budget plans to fund an additional ₦9.3 trillion in spending.

    The Senate Committee on Appropriations is expected to schedule public hearings on the request before reporting back to the full Senate for a vote.