Vice President Kashim Shettima has revealed that the updated 68.323 trillion naira budget recently passed by the National Assembly is aimed at ensuring citizens welfare and economic development.
Shettima who was represented by the Special Adviser to the President on Economic Matters,Tope Fasua,during a National Policy Dialogue in Abuja, organised by the National Assembly Joint Committee on National Planning and Economic Affairs/Development, with the theme: “The Imperatives of National Development Plan for Effective Budgeting System and Sustainable Growth of the Nigerian Economy said the dialogue was convened at a critical time for Nigeria’s economic trajectory, particularly as the administration of Bola Tinubu pushes reforms under its economic agenda.
“At this very time, it was a very important topic for the moment and for the time to come in view of President Tinubu’s great vision for the people of Nigeria, according to the renewed agenda of Mr President.” he said
The Vice President further noted that our budgets be impacted more positively by these plans to provide a pathway towards sustainable growth, which doesn’t only focus on the annual trajectory of our domestic product GDP, but also focuses on the improvement of standards of living of our people as measured by reduction in poverty rates and the rise in per capita income.
“This is an apt moment to echo the thoughts of President Bola Tinubu and the Minister of Budget and Planning, to the extent that our budgets should not only be people-focused. But our budgets should actually be larger than they are presently. This informed the recent adjustment to the 2026 fiscal budget by about N10tn, taking the sum to N68tn.” he added
Shettima rejected the arguments for a leaner national budget, noting that fiscal planning should be long-term and decisive.
He further emphasized that recent policies, including tariff adjustments, were introduced to promote productivity and reduce the burden on citizens.
“Many tariffs on essential raw materials and other similar products were reduced to the benefit and further benefit of the citizenry. Tariffs on essentials, raw materials and other similar products were reduced, adding that duty on pharmaceuticals, fabric, machinery, and some specific manufacturing equipment have also been removed with a view to encouraging higher productivity in critical sectors” he said
He emphasized that President Tinubu’s administration meant well for the people of Nigeria as more people centred policies have been planned and executed. He also added that the President is a believer of national development through data-driven projects and policies that ensure citizens’ welfare.
” Currently, our budgets are being guided by the Medium-Term Expenditure Framework as well as the national development plans. These plans could be put together by the budget and planning ministry. Distinguished ladies and gentlemen, largest room in the world is the room for improvement. Therefore, despite current achievements and structures on the ground, a lot more can be achieved, especially around sustainable development” he added
Nigeria’s debt hits 159.28.
According to data released by the Debt Management Office,Nigeria’s total public debt has surged to N159.28 trillion as of 31 December 2025, driven by fresh domestic and external borrowings.
The latest figure represents a quarter-on-quarter increase of N5.98tn, or 3.9 per cent, from N153.29tn recorded at the end of September 2025, and a year-on-year rise of N14.61tn, or 10.1 per cent, from N144.67tn as of 31 December 2024.
Federal Government accounted for the bulk of the debt stock, with N66.27tn in external debt and N80.49tn in domestic debt as of December 2025, while states and the FCT recorded N8.16tn and N4.36tn.
External debt rose from N71.48tn in September 2025 to N74.43tn in December 2025, indicating an increase of N2.95tn or 4.1 per cent.
Domestic debt constitutes a larger component of the country’s debt stock, accounting for 53.27 per cent of total public debt as of December 2025, compared to external debt, which stood at 46.73 per cent.
The structure has been the same from September 2025, when domestic debt accounted for 53.37 per cent and external debt made up 46.63 per cent of the total, indicating a stable debt composition over the quarter.
Speaking at a panel session at the ongoing IMF Spring Meetings in Washington, DC, on Monday,the Director-General of the Debt Management Office, Patience Oniha, said Nigeria’s borrowing process is subject to strict legislative approval and oversight, which helps strengthen transparency and investor confidence.
She noted that under the Fiscal Responsibility Act and the DMO Act, all borrowings(domestic or external)must receive approval from the National Assembly before they are contracted.
“Those requests are presented to them for a detailed analysis… and they invite us to come and defend it… If they are not satisfied, they tell you to go back and provide more information. That is only when the loan can be approved and contracted,” she said.
The DMO boss also said the agency regularly publishes debt data and presents performance reports to relevant committees of the National Assembly, covering debt stock, servicing obligations and projections.
” When they see that the process goes through parliamentary approval, it tells them that we are complying with the law… it builds confidence that the process is transparent and legitimate,” she added
Oniha added that frequent turnover of lawmakers and time constraints in the legislative calendar could affect the depth of scrutiny applied to borrowing requests, especially when approvals are rushed toward the end of the fiscal cycle.
She also called for stronger collaboration with development partners such as the World Bank and the IMF to support more intensive training for lawmakers, including exposure to global best practices in debt management.
