President Bola Ahmed Tinubu on Friday presented the 2026 Appropriation Bill to a joint session of the National Assembly in Abuja, outlining a ₦58.18 trillion budget aimed at consolidating economic reforms, strengthening resilience, and delivering shared prosperity for Nigerians.
Tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the President said the proposal builds on the reforms undertaken over the past two and a half years, which he noted were necessary to stabilise the economy, restore confidence, and lay the foundation for inclusive growth.
President Tinubu acknowledged that the reform process had imposed short-term hardships on citizens and businesses but assured Nigerians that the sacrifices were beginning to yield measurable results. He cited improved economic growth, declining inflation, increased oil production, expanded non-oil revenues, rising investor confidence, and external reserves at a seven-year high of about $47 billion.
According to the President, Nigeria’s economy grew by 3.98 per cent in the third quarter of 2025, while inflation declined to 14.45 per cent in November 2025, down from 24.23 per cent in March 2025, marking eight consecutive months of moderation.
Reviewing the implementation of the 2025 budget, Tinubu disclosed that as of the third quarter, government recorded ₦18.6 trillion in revenue and ₦24.66 trillion in expenditure, representing about 61 per cent and 60 per cent of their respective targets. He stressed that 2026 would be marked by stricter fiscal discipline and closer monitoring of budget execution.
The President projected ₦34.33 trillion in total revenue for 2026, with total expenditure estimated at ₦58.18 trillion, including ₦15.52 trillion for debt servicing. Capital expenditure is pegged at ₦26.08 trillion, while the budget deficit stands at ₦23.85 trillion, representing 4.28 per cent of GDP.
The budget assumptions are based on a crude oil benchmark of $64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of ₦1,400 to the US dollar.
President Tinubu said the 2026 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 development while protecting the vulnerable.
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. He emphasised that security remains the foundation of development, announcing enhanced investment in modernising the armed forces, intelligence-driven policing, border security, and community-based peacebuilding.
The President also unveiled a new national counter-terrorism doctrine, declaring that all armed non-state actors operating outside state authority would be treated as terrorists.
On human capital development, Tinubu highlighted expanded access to tertiary education through the Nigerian Education Loan Fund, which has supported over 788,000 students nationwide. In the health sector, he disclosed that healthcare spending accounts for six per cent of the total budget, while international partnerships, including over $500 million in support from the United States, are expected to strengthen health interventions.
The President further outlined plans to boost agricultural productivity through mechanisation, irrigation, climate-resilient farming, storage, and agro-value chains. He said the Bank of Agriculture would support the cultivation of one million hectares of farmland, create jobs, and expand agricultural exports.
He also announced ongoing procurement reforms and the implementation of the Nigeria First Policy, which prioritises locally made goods and Nigerian companies in government procurement to promote domestic industries and job creation.
President Tinubu concluded by stressing that the true value of the budget lies in its delivery, pledging improved revenue mobilisation, better spending discipline, and stronger accountability.
He called on the National Assembly to partner with the Executive in charting Nigeria’s fiscal course, expressing confidence that the 2026 budget would advance the goals of the Renewed Hope Agenda and deliver a more secure, competitive, and prosperous Nigeria.