Nigeria’s parliament has approved an expanded ₦68.3 trillion ($49.4 billion) budget for 2026, marking one of the largest fiscal plans in the country’s history, Reuters reported.
The increase follows a request by President Bola Ahmed Tinubu, who initially proposed a ₦58.47 trillion spending plan before seeking an upward revision to accommodate additional fiscal priorities and outstanding obligations.
Lawmakers said the higher budget will help cover legacy capital projects carried over from previous years, ensuring that unfinished commitments do not weigh on the 2026 fiscal programme while allowing room for new strategic investments.
The approval also includes backing for a $6 billion external borrowing plan to help finance the expanded budget, with a significant portion earmarked for infrastructure, debt servicing, and capital expenditure.
Analysts note that while the enlarged budget underscores government efforts to accelerate growth and sustain economic reforms, it also raises concerns about a widening fiscal deficit and increased reliance on borrowing to bridge funding gaps.
