President Bola Ahmed Tinubu has presented a ₦58.1 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly, outlining what he described as a strong statement of Nigeria’s national priorities rather than a routine financial document.
Tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the proposal reflects the administration’s focus on security, economic growth, and fiscal sustainability. Of the total spending, capital expenditure is set at ₦26.08 trillion, while recurrent (non-debt) expenditure stands at ₦15.25 trillion, underscoring the government’s emphasis on long-term development projects.
The president disclosed that the budget is based on an expected crude oil benchmark price of US$64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate assumption of ₦1,400 to the US dollar. Total projected revenue for 2026 is ₦34.33 trillion, while debt servicing is estimated at ₦15.52 trillion.
With these assumptions, the budget deficit is projected at ₦23.85 trillion, representing about 4.28 percent of Nigeria’s Gross Domestic Product. Tinubu assured lawmakers that the deficit level remains within manageable limits and aligns with the administration’s commitment to fiscal discipline.
Sectoral allocations reveal a strong focus on national security, with defence and security receiving the largest share of ₦5.41 trillion. Infrastructure follows closely with ₦3.56 trillion, reflecting ongoing efforts to improve roads, power, transport, and other critical assets needed to support economic growth.
Education and health also featured prominently in the proposal. The education sector was allocated ₦3.52 trillion, while health received ₦2.48 trillion, signaling continued investment in human capital development and public welfare.
Addressing lawmakers during the presentation on Friday, President Tinubu stressed that the budget goes beyond figures and projections. He described it as a reflection of the government’s resolve to strengthen the economy, promote transparency, and ensure efficient use of public funds.
According to the president, the administration remains firmly committed to fiscal sustainability, debt transparency, and value-for-money spending, as Nigeria navigates economic reforms and seeks inclusive growth in the coming year.
