Tinubu Presents N58.18 Trillion 2026 Budget to National Assembly

P President Bola Ahmed Tinubu on Friday presented the 2026 Appropriation Bill to a joint session of the National Assembly, proposing a total budget of ?58.18 trillion aimed at consolidating ongoing economic reforms, strengthening national resilience, and delivering shared prosperity for Nigerians.

Tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the President said the proposal builds on reforms undertaken over the past two and a half years to stabilise the economy, restore investor confidence, and lay a sustainable foundation for inclusive growth.

Tinubu acknowledged that the reform process had imposed hardships on citizens but assured Nigerians that the sacrifices were beginning to yield positive results, which would translate into improved living standards over time.

Highlighting recent macroeconomic improvements, the President disclosed that the economy grew by 3.98 per cent in the third quarter of 2025, compared to 3.86 per cent in the corresponding period of 2024.

He also noted that headline inflation declined for eight consecutive months, dropping to 14.45 per cent in November 2025 from 24.23 per cent in March, driven by stabilising food and energy prices, tighter monetary policy, and improved supply conditions.

According to Tinubu, Nigeria’s external reserves rose to about 47 billion dollars as of November 14, 2025—the highest level in seven years—providing more than ten months of import cover.

He added that oil production improved following enhanced security measures and sector reforms, while non-oil revenue expanded through improved tax administration rather than increased taxation.

Reviewing the performance of the 2025 budget, the President said government recorded ?18.6 trillion in revenue as of the third quarter, representing 61 per cent of the target, while expenditure stood at ?24.66 trillion, or 60 per cent of projected spending.

He said capital releases were prioritised for the completion of ongoing projects nationwide.

Tinubu directed the Minister of Finance, the Minister of Budget and Economic Planning, the Accountant General of the Federation, and the Director General of the Budget Office to enforce stricter fiscal discipline and ensure the timely implementation of the 2026 budget.

He also warned government-owned enterprises to meet their revenue targets, announcing the deployment of digitisation, real-time dashboards, automated reconciliation systems, and data-driven monitoring to curb revenue leakages.

For 2026, the President projected total revenue of ?34.33 trillion and total expenditure of ?58.18 trillion, including ?15.52 trillion earmarked for debt servicing. Recurrent non-debt expenditure is estimated at ?15.25 trillion, while capital expenditure stands at ?26.08 trillion.

The projected budget deficit of ?23.85 trillion represents 4.28 per cent of Gross Domestic Product. The Medium-Term Expenditure Framework assumptions include a crude oil benchmark price of 64.85 dollars per barrel, oil production of 1.84 million barrels per day, and an exchange rate of ?1,400 to the dollar.

Sectoral allocations in the proposed budget 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 also announced a major overhaul of Nigeria’s security architecture, declaring that all armed groups operating outside state authority—including bandits, kidnappers, militias, violent cult groups, and foreign-linked mercenaries—would be designated as terrorists.

He added that individuals or entities financing, harbouring, or negotiating with such groups would face similar classification under the law.
Reaffirming his administration’s commitment to human capital development, the President revealed that over 418,000 students across 229 tertiary institutions have benefited from the Nigerian Education Loan Fund. He also disclosed that Nigeria had secured more than 500 million dollars in grants from the United States for targeted health interventions.

The President said the 2026 budget prioritises agricultural productivity and food security through mechanisation, irrigation, climate-resilient farming, improved storage facilities, and agro-value chains, aimed at reducing post-harvest losses and increasing farmers’ incomes.

Describing the budget as one that belongs to all Nigerians, Tinubu called for sustained cooperation between the Executive and the Legislature and assured citizens that enhanced accountability would ensure tangible outcomes from public spending.

He formally laid the 2026 Appropriation Bill before the National Assembly and prayed for God’s blessing upon the Federal Republic of Nigeria.