Nigeria’s Federal Government Boosts 2026 Borrowing Target to ₦29.2 Trillion

The Federal Government has increased its planned borrowing for the 2026 fiscal year to ₦29.2 trillion, up by ₦11.31 trillion from earlier estimates, as lawmakers finalise the 2026 Appropriation Bill.

The upward revision is tied to a wider fiscal deficit emerging from the latest budget framework. Total government expenditure for 2026 is now projected at approximately ₦68.32 trillion, while expected revenues stand at about ₦36.87 trillion, creating a significant gap that will be largely financed through borrowing.

The new borrowing plan was outlined in the Appropriation Bill approved by the National Assembly and detailed in the House of Representatives’ Order Paper. The revision reflects the government’s reliance on both domestic and external debt to fund key obligations, including infrastructure, debt servicing, and other fiscal needs.

The increase underscores ongoing fiscal pressures, as revenues continue to lag behind spending commitments, prompting economists and stakeholders to call for prudent debt management and improved revenue mobilisation.