President Bola Tinubu has said that all multiple budget implementations would end in March 2026 and from April, Nigeria would operate on a single budget, backed by a single revenue cycle.
Mr Tinubu stated this on Friday when he presented the 2026 appropriation bill of N58.18 trillion to the joint session of the National Assembly.
The appropriation bill was christened “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.
The president, who was upfront, said: “This is research, a very hard one.
“Avoiding abandoned projects, unpaid contractual obligations and running a multiple budget, both inherited and of fulfilled mandates, is a problem staring the nation.
“So we are terminating the habit of running through a budget on one inflow.
“By March 31, 2026, all capital liabilities from previous years will be fully funded and closed. From April, Nigeria operates on a single budget, backed by a single revenue cycle.
“No overlaps, no excuses and no rollover cultures,” he said.
He said that the budget presented a defining moment in our national journey of reform and transformation.
“Over the last two and a half years, my government has methodically confronted long-standing structural weaknesses.
“Stabilise our economy, rebuild communities and lay a durable foundation for the construction of a more resilient, inclusive and dynamic Nigeria.
“Though necessary, the reforms that have been implemented in the last two and a half years have not been painless.
“Families and businesses have faced pressure. Established systems have been disrupted and tested.
“The budget execution has been tested as well. I acknowledge these difficulties plainly.
“Yes, I’m here today to assure Nigerians that their sacrifices are not in vain. We are already out of that dark tunnel of uncertainty, economic volatility, and lack of inclusiveness”.
He added that the economy had “turned the corner” saying that though the path of reform was seldom smooth, it is the surest route to lasting stability and shared prosperity.
“Today, I present a budget that consolidates our gains, strengthens our resilience, and takes this country out of the dark tunnel of hopelessness, from the survivor to growth.
“The budget reflects our determination to lock in microeconomic stability, deepen competitiveness, and ensure that growth translates into decent jobs, rising incomes, and a better quality of life across everyone.
“While the global outlook continues to improve, this budget aims to further strengthen our Nigerian economy to benefit all our citizens.
“I am encouraged that our reform efforts are already yielding historical results. One, our economy grew by 3.98 per cent in the third quarter of 2025, up from 3.86 per cent in the third quarter of 2024, year in, year out”.
In his welcome address, President of the Senate, Godswill Akpabio, said that many in the country view the patriotic collaborative work between the National Assembly and the Executive Arm as a sell-out by the Parliament.
“But history is unambiguous in one enduring lesson: nations advance when the Executive and the Legislature work in concert, and they falter when the two become locked in hostility”.
He said: “The 2026 Appropriation Bill is therefore far more than a compilation of figures.
“It should be a statement of intent—a reflection of priorities, a record of difficult choices, and a roadmap for the next phase of Nigeria’s national renewal.”
(NAN)
