WITTY GLOBAL BLOGS | THURSDAY FLAGSHIP EDITION Africa's $2 Billion Creative Economy Financing Push: What Nigerian Filmmakers, Musicians and Digital Creators Need to Know By Itoro Uwah | Thursday, November 12, 2026 CREATIVE ECONOMY | BUSINESS | TECHNOLOGY | INVESTMENT LAGOS, NIGERIA — Africa's creative economy is attracting renewed attention from development financiers and policymakers, following the Creative Africa Nexus (CANEX) WKND 2026 gathering in Lagos from November 5 to 8. Organised by the African Export-Import Bank (Afreximbank) and hosted by Nigeria, the gathering brought together creative entrepreneurs, investors, policymakers and cultural-industry professionals to explore financing, intellectual property, technology and market access. Afreximbank's CANEX financing ambition has expanded to $2 billion, reflecting a growing institutional effort to support African cultural and creative enterprises. However, the figure must be understood correctly...
Tinubu Seeks Fiscal Reset with ₦43.56 Trillion Consolidation Bill to End Multiple Budgets
Abuja, Nigeria — President Bola Ahmed Tinubu has formally asked the National Assembly to repeal and re-enact the 2024 Appropriation Act, proposing a consolidated expenditure of ₦43.56 trillion to cover both the 2024 and 2025 fiscal periods.
The request, contained in the Appropriation (Repeal and Re-enactment) Bill No. 2 of 2024, represents a major attempt by the administration to overhaul Nigeria’s fiscal management system and end the long-standing practice of running overlapping budgets.
Ending Overlapping Fiscal Cycles
For several years, Nigeria has operated multiple budgets concurrently, with capital projects frequently rolled over across fiscal years. The Tinubu administration says this practice has weakened transparency, delayed project completion, and reduced accountability.
In a letter addressed to the Senate and the House of Representatives, the President said the proposed legislation would reset the budgeting process and improve capital performance.
“This bill is to bring an end to the practice of running multiple budgets concurrently, while at the same time ensuring reasonable—indeed unprecedentedly high—capital performance rates,” the President stated.
Breakdown of the ₦43.56 Trillion Proposal
Details of the consolidated expenditure submitted to lawmakers show the following allocations:
- ₦22.28 trillion for capital expenditure, covering infrastructure development, special intervention funds, and emergency projects.
- ₦11.27 trillion for recurrent non-debt expenditure, including personnel costs, salaries, and government overheads.
- ₦8.27 trillion for debt servicing to meet domestic and international obligations.
- ₦1.74 trillion for statutory transfers to constitutionally recognized institutions.
Economic and Fiscal Implications
By allocating more than half of the proposed budget to capital expenditure, the Federal Government is signaling an aggressive push to complete critical infrastructure projects, including roads, power installations, and rail networks.
The bill also introduces tighter fiscal controls, requiring prior approval from the National Assembly before funds can be reallocated between budget categories. In addition, it provides legal backing for time-sensitive expenditures already incurred to address security challenges and public welfare needs during the 2024 transition period.
Legislative Action
The House of Representatives, presided over by Speaker Abbas Tajudeen, has moved the bill through its first and second readings. Lawmakers have largely welcomed the proposal, describing it as a necessary reset that could establish a clearer January-to-December budget cycle starting in 2026.
The bill is expected to undergo further legislative scrutiny as deliberations continue in both chambers of the National Assembly.
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