FG Proposes N9tn Oil Windfall to Plug 2026 Budget Gap

President Tinubu has asked the National Assembly to approve a N9.09 trn increase in the 2026 budget. He says the extra funds will strengthen fiscal transparency, cover existing debt obligations and support strategic priority projects. Lawmakers raised the total appropriation to N68.32 trn, about N1 trn above the President’s request. The additional funds will clear legacy liabilities, finance infrastructure, boost healthcare and strengthen the judiciary ahead of the 2027 elections. To fund the expanded budget, the government plans a $10‐per‐barrel oil price hike, higher telecom sector contributions and new borrowing. The National Assembly approved N6.16 trn in external loans, including a $5 bn facility from First Abu Dhabi Bank and a $1 bn UK export finance package.

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