President Bola Tinubu is set to present the 2027 Appropriation Bill to the National Assembly before the end of 2026. Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, announced this while briefing State House correspondents on the outcomes of the Federal Executive Council meeting. According to Uzoka-Anite, the administration is currently assembling the proposal for presentation to lawmakers before the year-end deadline.
The Federal Executive Council has endorsed the National Development Plan 2026–2030, alongside new legal frameworks aimed at addressing child stunting and enhancing national food security. This development aligns with the government's efforts to drive sustainable growth and address pressing social issues. Uzoka-Anite's disclosure highlights the administration's commitment to strategic planning and effective implementation of development initiatives.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has provided clarity on the proposed $21.7 billion borrowing plan. He emphasized that the funds are intended for investments in assets rather than immediate spending. The multi-year investment plan, spanning approximately five years, aims to drive economic growth through critical infrastructure development.
A significant portion of the $21.7 billion loan, $10.6 billion, is allocated for critical transport links, including major highway projects and a metro rail system. These projects, such as the Sokoto–Badagry Highway and the Kano–Kaduna Metro Rail, are expected to boost economic activity and improve the country's transportation infrastructure.
The government plans to source over $7.9 billion of the loan from multilateral and bilateral development partners, led by a $5 billion contribution from the World Bank. The average interest rate for these funds is 2.1 per cent, reflecting the government's strategy to secure favourable financing terms and minimize borrowing costs.
The administration has also made significant progress in its social welfare initiatives. More than 10 million households have received over N600 billion in cash transfers, while the Nigerian Education Loan Fund has disbursed N372.6 billion to over 1.5 million students. Additionally, over 800,000 micro, small, and medium-sized enterprises have benefited from subsidized loans at single-digit interest rates.
The government's efforts to drive economic growth and improve living standards are multifaceted. By investing in critical infrastructure, enhancing social welfare programs, and promoting entrepreneurship, the administration aims to create a more sustainable and equitable economic environment. The presentation of the 2027 budget will provide further insight into the government's fiscal plans and priorities.
Key points
- President Tinubu to present 2027 budget before December 31
- $21.7 billion borrowing plan for investments in assets, not spending
- Over 10 million households receive N600 billion in cash transfers
