President Bola Ahmed Tinubu on Friday presented a proposed ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, pledging stricter fiscal discipline, deeper economic reforms and a renewed focus on security, jobs and human capital development.
The budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is aimed at locking in recent macroeconomic gains, strengthening investor confidence and ensuring that growth translates into improved living standards for Nigerians.
Presenting the proposal in Abuja, Tinubu said the 2026 budget builds on reforms implemented over the past two and a half years, which, though difficult, were necessary to stabilise the economy and restore confidence.
He noted that Nigeria’s economy grew by 3.98 per cent in the third quarter of 2025, inflation moderated for eight consecutive months to 14.45 per cent in November 2025, while external reserves rose to a seven-year high of about $47 billion, providing over 10 months of import cover.
According to the President, the 2026 budget projects total revenue of ₦34.33 trillion against total expenditure of ₦58.18 trillion, including ₦15.52 trillion for debt servicing. Capital expenditure is estimated at ₦26.08 trillion, while recurrent (non-debt) spending is pegged at ₦15.25 trillion. The projected budget deficit of ₦23.85 trillion represents about 4.28 per cent of GDP.
Tinubu said the budget is anchored on a crude oil benchmark of $64.85 per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar.
He assured lawmakers that 2026 would mark a turning point in budget execution, revealing that key economic and finance officials had been directed to ensure strict implementation in line with approved timelines and details.
Outlining priorities, the President said the budget is guided by four core objectives: consolidating macroeconomic stability, improving the business environment, promoting job-rich growth and poverty reduction, and strengthening human capital while protecting the vulnerable.
Sectoral allocations include ₦5.41 trillion for defence and security, ₦3.56 trillion for infrastructure, ₦3.52 trillion for education and ₦2.48 trillion for health.
On security, Tinubu announced plans to modernise the armed forces, strengthen intelligence-driven policing and roll out a new national counter-terrorism doctrine, declaring that all armed groups operating outside state authority would be treated as terrorists.
In education, he highlighted the expansion of the Nigerian Education Loan Fund, which has supported over 788,000 students nationwide, while health spending accounts for about six per cent of the total budget, alongside anticipated foreign support for health interventions.
The President also emphasised food security and agricultural productivity, with plans to expand mechanisation, irrigation, storage and agro-value chains, and a renewed role for the Bank of Agriculture to support millions of smallholder farmers.
Tinubu said procurement reforms and the “Nigeria First” policy would prioritise local goods and services, reduce waste and strengthen accountability across ministries and agencies.
“The most significant budget is not the one we announce, but the one we deliver,” the President said, urging cooperation between the Executive and Legislature to ensure effective implementation.
He formally laid the 2026 Appropriation Bill before the National Assembly and sought lawmakers’ partnership in steering the nation toward sustained growth, security and shared prosperity.
