President Bola Tinubu on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, outlining plans to consolidate economic reforms, strengthen national resilience and promote inclusive growth.
Tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the proposal reflects the administration’s intention to stabilise the economy, improve the business environment, create jobs and protect vulnerable Nigerians.
Speaking at the National Assembly in Abuja, Tinubu said the budget builds on reforms implemented over the past two and a half years, acknowledging that while the measures were difficult, they were necessary to lay a sustainable foundation for long-term growth.
He disclosed that total projected revenue for 2026 stands at ₦34.33 trillion, while total expenditure is estimated at ₦58.18 trillion, including ₦15.52 trillion for debt servicing. The resulting deficit of ₦23.85 trillion represents 4.28 per cent of GDP.
According to the president, capital expenditure will account for ₦26.08 trillion, while recurrent non-debt spending is pegged at ₦15.25 trillion, underscoring the government’s emphasis on infrastructure, productivity and growth.
Tinubu highlighted improving economic indicators, noting that Nigeria’s economy grew by 3.98 per cent in Q3 2025, inflation declined steadily to 14.45 per cent in November 2025, and external reserves rose to a seven-year high of about $47 billion, providing over 10 months of import cover.
The budget assumptions include an oil benchmark of $64.85 per barrel, oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the dollar.
Key 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. Tinubu said security remains the foundation of development, pledging tougher action against terrorism, banditry and kidnapping, alongside a new national counterterrorism doctrine.
In education and health, the president cited expanded access to student loans through the Nigerian Education Loan Fund and increased healthcare investment, supported by over $500 million in pledged international health interventions.
Agriculture and food security also featured prominently, with plans to boost mechanisation, irrigation, storage and agro-value chains, while the Bank of Agriculture targets the cultivation of one million hectares and the creation of hundreds of thousands of jobs.
Tinubu further announced tighter budget execution discipline, enhanced revenue mobilisation through digitisation, stricter oversight of government-owned enterprises, and procurement reforms under the Nigeria First Policy to prioritise local goods and services.
He urged lawmakers to partner with the executive in delivering what he described as “not a budget of promises, but a budget of delivery,” assuring Nigerians that the benefits of reform would increasingly reach households and communities nationwide.