Major opposition parties have raised strong objections to President Bola Tinubu’s proposed ₦58.18 trillion 2026 budget.
They warned that the spending plan could deepen Nigeria’s debt crisis and increase the hardship already faced by citizens.
The criticism followed the presentation of the 2026 Appropriation Bill to a joint session of the National Assembly.
President Tinubu described the proposal as the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” while assuring lawmakers that the economy was showing signs of recovery and that the government would enforce fiscal discipline.
However, opposition figures say the budget figures tell a different story. According to them, the proposal relies heavily on borrowing and allocates huge sums to debt servicing, without clear evidence that previous loans have improved living standards.
They argued that inflation remains high, insecurity persists across many parts of the country, and ordinary Nigerians are yet to feel relief despite rising annual budgets.
Speaking on the matter, the National Publicity Secretary of the Social Democratic Party (SDP), Rufus Ayenugba, said his party was alarmed by the size of funds set aside for debt servicing and fresh borrowing.
He described his party’s “major worry is the money being earmarked to service debt and the humongous loan this current administration keeps borrowing.”
Ayenugba questioned the purpose of the loans, noting that Nigerians were still struggling to survive. He said citizens were becoming increasingly agitated because the loans had not translated into better living conditions.
He also raised concerns over repeated large allocations to security, arguing that such spending had become routine without meaningful improvement on the ground.
According to him, security votes were often shielded from scrutiny, yet insecurity continued to spread.
Ayenugba stressed that the real issue was no longer the size of the budget but how effectively it was implemented. He said Nigerians were more interested in whether public spending improved economic life and restored confidence in governance.
He warned that continuous borrowing, protests, and worsening hardship were damaging the country’s image and placing the economy under severe strain.
On his part, the National Publicity Secretary of the Labour Party, Obiora Ifoh, said borrowing had become inevitable because of budget deficits. However, he cautioned that debt servicing was now consuming funds that should go into development.
Ifoh noted that a significant portion of national revenue was being used to service debts, leaving limited resources for infrastructure, healthcare, education, and job creation.
He also spoke about ongoing tax reforms by the government, urging authorities to ensure that new revenue measures did not further burden low-income earners. According to him, economic reforms should protect the most vulnerable Nigerians.
Ifoh described corruption as a persistent challenge to budget implementation. He pointed to recent controversies involving regulatory agencies as evidence that funds were often mismanaged.
He warned that budgetary allocations must be used strictly for their intended purposes and not diverted for personal gain.
While acknowledging that defence and security traditionally receive large allocations, he said the real concern was accountability. He argued that the focus should be on proper utilisation rather than the size of the allocation.
The National Coordinator of the Obidient Movement Worldwide, Dr Yunusa Tanko, took a more critical stance. He said the borrowing pattern of the current administration had not justified even the spending under the outgoing 2025 budget.
Tanko pointed out that the request to extend the 2025 budget suggested that funds were not properly utilised. He accused the government of weak accountability and described the situation as fiscal recklessness.
He also criticised the National Assembly, accusing lawmakers of failing in their oversight responsibilities. According to him, budgets were being passed without effective monitoring of implementation.
In a separate reaction, the Peoples Democratic Party (PDP) rejected the proposal outright. The party described it as a “Budget of consolidated renewed sufferings,” arguing that it prioritised the comfort of the political elite over the welfare of citizens.
In a statement, the PDP said claims of economic growth had not reflected in the daily lives of Nigerians. It maintained that poverty, hunger, and insecurity continued to rise despite government assurances.
The party also raised concerns about the extension of previous budgets, warning that running multiple budgets at the same time undermined fiscal discipline, transparency, and accountability.
Amid the growing criticism, the senator representing Kogi Central, Natasha Akpoti-Uduaghan, urged the President to focus on impact rather than figures. She said Nigerians were more concerned about jobs, infrastructure, healthcare, and education than headline budget numbers.
She stressed that public scrutiny was essential and warned that budgets should not remain impressive documents without real benefits for citizens.
As deliberations move to the National Assembly, opposition parties insist that the success of the ₦58.18 trillion budget will be judged by its ability to reduce hardship, control debt, and rebuild trust in how public resources are managed.