Nigeria approves increased 49.4 billion dollar budget
Nigeria's parliament has passed an increased national budget of $49.4 billion for 2026. This comes after President Bola Tinubu asked for adjustments to a plan announced in December. The budget will fund old capital projects and critical infrastructure. It aims to accelerate Nigeria's economic growth and consolidate reforms.
Nigeria's parliament has approved a 68.30 trillion naira, or $49.4 billion, budget for 2026. This budget is higher than the December proposal of 58.47 trillion naira.
The increase aims to cover capital projects from earlier budgets. It also prevents old obligations from affecting the 2026 financial plan. President Tinubu sought a $6 billion loan to support this larger budget. Of this, $5 billion is from First Abu Dhabi Bank and $1 billion from Citi. At least 40% of this loan is for capital projects in the 2025 and 2026 budgets.
Key economic changes under President Tinubu include ending fuel subsidies and devaluing the currency. These steps aim to improve public finances. The budget targets a 4.68% growth rate for 2026. This is slightly above the World Bank's forecast of 4.4%. The budget deficit is expected to rise. It will go from an early estimate of 4.28% to over 6% of the national economy. This is equal to 31.46 trillion naira. President Tinubu will sign the budget into law.
Source: StatsGH — Ghana's data-driven news platform