Figures cited by CNBC Africa show that Nigeria’s parliament has officially passed an increased 2026 national budget of 68.30 trillion naira, approximately $49.4 billion. The approval came after President Bola Tinubu requested adjustments to the initial proposal to accommodate vital capital projects that had been carried over from previous cycles, ensuring that past obligations do not hinder the current year’s fiscal progress.
The legislative body also greenlit a $6 billion external loan request, with $5 billion expected from First Abu Dhabi Bank and $1 billion from Citi. This borrowing is intended to fund infrastructure and debt servicing, with at least 40% of the total loan package earmarked specifically for capital projects. The budget now moves to the Presidency for a final signature to become law.
Reuters and The Cable provided similar accounts of the legislative session, with Reuters reporting that “lawmakers passed a higher figure after the president requested adjustments.” The Cable highlighted that “the deficit is seen widening to more than 6% of gross domestic product” following the budget’s expansion.
Echotitbits take: This is Nigeria’s most ambitious budget to date. While the focus on capital projects is a positive sign for infrastructure, the widening deficit and the reliance on foreign loans from the Middle East and the West highlight the delicate balancing act the government must perform to manage national debt.
Source: Reuters – https://www.reuters.com/world/africa/nigerian-lawmakers-approve-increased-4938-billion-2026-budget-2026-03-31/, April 4, 2026
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