At a time when prudence should define fiscal policy, Nigeria’s lawmakers have once again chosen the path of excess. The decision by the National Assembly to inflate the 2026 Appropriation Bill from N58.18 trillion to a staggering N68.323 trillion is not just questionable—it is profoundly irresponsible.
Rather than seizing the rare opportunity presented by rising global oil prices, triggered by geopolitical tensions in the Middle East, legislators have opted for a familiar and troubling route: spend more, borrow more, and save nothing.
This is not new. It is a pattern.
Nigeria has been here before—most notably during the oil windfalls of the past, when billions of dollars were earned but little was saved. The collapse of the Excess Crude Account, once designed under Olusegun Obasanjo as a buffer against volatile oil prices, remains one of the country’s most painful fiscal missteps. That savings culture was dismantled under pressure from political actors who prioritised immediate consumption over long-term stability.
Today, history is repeating itself—this time with even higher stakes.
With oil prices soaring far above the benchmark of $64.85 per barrel, Nigeria is earning significantly more revenue than projected. This should have triggered a disciplined response: save the surplus, reduce debt exposure, and build buffers for inevitable downturns. Instead, lawmakers have treated the windfall as an excuse for fiscal expansion.
The justification—that the increase will address legacy obligations and fund infrastructure—rings hollow in the face of Nigeria’s poor track record of budget implementation. Year after year, capital projects are underfunded or abandoned, while recurrent expenditure continues to balloon. Simply increasing the size of the budget does not guarantee development; it often only guarantees more inefficiency.
Even more troubling is the National Assembly’s apparent readiness to approve fresh external borrowing with alarming speed. The swift consideration of a $6 billion loan request from President Bola Ahmed Tinubu raises serious concerns about the erosion of legislative oversight.
As rightly pointed out by former Vice President Atiku Abubakar, borrowing decisions of such magnitude should not be treated with casual urgency. They demand rigorous scrutiny, transparent debate, and clear justification. Anything less amounts to a dereliction of constitutional duty.
Nigeria’s debt profile is already under strain, with debt servicing consuming a significant share of national revenue. Resorting to new loans to finance existing obligations and plug budget deficits is not a strategy—it is a dangerous cycle that mortgages the future for the sake of present convenience.
What makes this moment particularly disheartening is its political undertone. With the 2027 elections on the horizon, the temptation to expand public spending for political advantage appears to be overshadowing economic logic. This raises an uncomfortable question: is this budget about national development, or electoral preparation?
If the latter is even partially true, then Nigerians have every reason to be concerned.
To be clear, investment in infrastructure, healthcare, and the judiciary is necessary. But such investments must be grounded in fiscal discipline, not opportunistic spending driven by temporary revenue spikes. A nation that fails to save during times of abundance inevitably suffers during times of scarcity.
The National Assembly was never designed to be a rubber stamp or a conduit for unchecked fiscal expansion. It is meant to serve as a guardian of the public interest—a check on executive excess and a defender of long-term national stability. In this instance, it has fallen short.
The consequences of this decision may not be immediate, but they will be inevitable. Rising debt, fiscal vulnerability, and economic instability are the likely outcomes of a system that prioritises short-term gain over long-term sustainability.
Nigeria cannot afford another cycle of squandered opportunity.
What is required now is not a bigger budget, but a better one—one anchored on discipline, transparency, and a genuine commitment to the welfare of its citizens.
History will judge this moment. And unless there is a course correction, it may well remember it as yet another instance where those entrusted with the nation’s future chose recklessness over responsibility.
