Tope Fasua, Special Adviser to President Bola Ahmed Tinubu on Economic Affairs, explained why the Federal Government of Nigeria expanded the initial ₦58 trillion budget proposal to the National Assembly to ₦68.33 trillion, news.ng reports.
Fasua stressed that the increased budget proposal is not about figures or ambition but about being strategic, adding that the budget should be viewed from a global perspective when comparing it with the dollar.
“It’s beyond ambition. It’s about strategy. It’s about vision,” Fasua stated during an interview on Channels Television on Friday evening.
According to Fasua, who is also an economic analyst, the country’s 2026 budget figure is still one of the lowest in the world when compared on a per capita basis.
“Nigeria had the second smallest budget per capita in the world after DR Congo. Only better than DR Congo,” he said.
Comparing the 2026 budget figure with other economies on the African continent, Fasua noted that Angola and South Africa based their budgets around the $2,500 mark, but in the case of Nigeria, the budget is still around $150 per person.
According to his projection, “With this one now, maybe we’ll be able to get to almost $200 per person in this country in dollar terms.”
When asked about the additional ₦10 trillion, he explained that the stated figure will be used for capital expenditure.
He said, “For the first time, we’re seeing 50% of this budget, ₦32 trillion, going to capital. Only ₦15 trillion is going to recurrent.”
According to the presidential adviser, the country is witnessing improvements in terms of revenue generation due to the expanded tax net, with more Nigerians captured under the new tax reform.
“The tax reform has kicked in to ensure that we’re making more money for this economy,” Fasua said.