Nigeria's bicameral National Assembly approved the proposed 68.3 trillion naira ($49.4 billion) budget for 2026, up from 58.3 trillion naira initially proposed, and extended the implementation of the capital component of the 2025 budget until June 30, The Punch reported on March 31. The increase in the 2026 budget is notably driven by the rollover of 7.7 trillion naira in capital obligations from the 2025 budget, and the additional expenditure financed through $6 billion in new external loans and an increase in the oil price benchmark from $65 a barrel to $75 a barrel set to generate 2.5 trillion naira, with the fiscal deficit now predicted to over 6% of gross domestic product according to Reuters.

Since taking office in 2023, the Tinubu administration has faced major challenges in ensuring smooth budget execution, leading to the operation of multiple budgets within a single fiscal year. Nigeria's 2026 budget assumes the country's oil production will stand at 1.84 million barrels per day, when average total production stood at 1.48 million barrels per day in February, although this number may rise following the March completion of maintenance at a 225,000 barrel per day facility.