President Bola Ahmed Tinubu on Friday presented a proposed ₦58.18 trillion 2026 Federal Budget to a joint session of the National Assembly, describing it as a “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”
Addressing lawmakers in Abuja, the President said the 2026 Appropriation Bill builds on economic reforms undertaken over the past two and a half years, aimed at stabilising the economy, restoring investor confidence and laying the foundation for inclusive growth.
Tinubu acknowledged that recent reforms had imposed hardships on Nigerians but assured citizens that the sacrifices were yielding results, citing improved economic indicators including 3.98 per cent GDP growth in Q3 2025, declining inflation, stronger non-oil revenues, and a rise in external reserves to about $47 billion, a seven-year high.
Budget Size and Key Assumptions
The President said the 2026 budget projects:
₦34.33 trillion in total revenue
₦58.18 trillion in total expenditure
₦26.08 trillion for capital expenditure
₦15.25 trillion for recurrent (non-debt) spending
₦15.52 trillion for debt servicing
The projected budget deficit of ₦23.85 trillion, representing 4.28 per cent of GDP, will be financed through borrowing within sustainable limits.
The fiscal framework is based on an oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the US dollar.
Priority Sectors
Major allocations include:
Defence and security: ₦5.41 trillion
Infrastructure: ₦3.56 trillion
Education: ₦3.52 trillion
Health: ₦2.48 trillion
Tinubu said security remains the foundation of development, announcing a reset of Nigeria’s national security architecture and a new counterterrorism doctrine. He declared that all armed non-state actors operating outside state authority would be treated as terrorists.
Education, Health and Agriculture
In education, the President highlighted the expansion of the Nigerian Education Loan Fund, which has supported over 788,000 students across 229 tertiary institutions. Health spending accounts for six per cent of the total budget, with additional support expected from international partners, including over $500 million in planned US-backed health interventions.
The administration also prioritised food security, mechanisation, irrigation and agro-value chains. Tinubu disclosed plans by the Bank of Agriculture to support cultivation of one million hectares, create hundreds of thousands of jobs and boost agricultural exports.
Procurement and Accountability
The President reaffirmed his commitment to procurement reforms and the Nigeria First Policy, which prioritises local goods and companies in government spending to support domestic industries and job creation.
He assured lawmakers that 2026 would be marked by stricter budget discipline, improved revenue mobilisation through digitisation, and stronger accountability across ministries and government-owned enterprises.
Call for Legislative Support
Presenting the Appropriation Bill, Tinubu urged cooperation between the Executive and Legislature, stressing that the most important budget is not what is announced but what is delivered.
“With unity of purpose and the resilience of the Nigerian people, we will deliver the full promise of the Renewed Hope Agenda,” he said.
Bello Wakili
