Segun Atanda/
President Bola Ahmed Tinubu today laid before the National Assembly a ₦58.18 trillion 2026 Appropriation Bill, declaring it a decisive step from economic survival to sustainable growth as Nigeria consolidates reforms undertaken over the past two and a half years.
Presenting the budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” at a joint session of the Senate and House of Representatives in Abuja, the President said the proposal was designed to lock in macroeconomic stability, deepen competitiveness and ensure that growth translates into jobs, higher incomes and improved living standards for Nigerians.
Tinubu acknowledged that the reform path has been difficult, with households and businesses feeling the strain of tough policy choices, but assured citizens that the sacrifices were yielding results.
According to him, the economy grew by 3.98 per cent in the third quarter of 2025, inflation moderated for eight consecutive months to 14.45 per cent in November, external reserves climbed to a seven-year high of about $47 billion, while oil output and non-oil revenues improved on the back of security and tax reforms.
“These outcomes are not accidental,” the President said. “They are the result of deliberate and sometimes painful policy decisions. Our task now is to deepen these gains and deliver enduring, inclusive prosperity.”
The 2026 budget projects total revenue of ₦34.33 trillion against total expenditure of ₦58.18 trillion, including ₦15.52 trillion for debt servicing. Capital expenditure is pegged at ₦26.08 trillion, recurrent (non-debt) spending at ₦15.25 trillion, while the fiscal deficit of ₦23.85 trillion represents 4.28 per cent of GDP.
Tinubu stressed that the figures reflect national priorities rather than “mere accounting lines,” adding that his administration remains committed to fiscal sustainability, debt transparency and value-for-money spending.
The budget assumptions are based on a conservative oil price benchmark of $64.85 per barrel, daily production of 1.84 million barrels, and an average exchange rate of ₦1,400 to the dollar.
A major focus of the proposal is tighter discipline in budget execution. The President said he had directed key economic officials to ensure strict implementation of the 2026 budget in line with approved details and timelines, while government-owned enterprises would be compelled to meet revenue targets through end-to-end digital revenue collection and real-time monitoring to block leakages.
Outlining priorities, Tinubu said the budget was guided by four objectives: consolidating macroeconomic stability, improving the business and investment climate, promoting job-rich growth to reduce poverty, and strengthening human capital while protecting the vulnerable.
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. The President said security spending would focus on modernising the armed forces, intelligence-driven policing, border surveillance and community peacebuilding, alongside a reset of the national counter-terrorism architecture to decisively confront banditry, kidnapping and other violent crimes.
On human capital, Tinubu highlighted expanded access to tertiary education through the Nigerian Education Loan Fund, which has supported over 788,000 students, and increased healthcare spending amounting to six per cent of the budget net of liabilities. He also disclosed that recent engagements with the United States government had opened the door to more than $500 million in health interventions.
The budget also prioritises infrastructure, agriculture and productivity, with renewed emphasis on food security, mechanisation, irrigation, storage and agro-value chains.
Under a new plan, the Bank of Agriculture is expected to support the cultivation of one million hectares, create hundreds of thousands of jobs and boost export value.
Tinubu further announced procurement reforms and the full rollout of the Nigeria First Policy, which mandates ministries and agencies to prioritise Nigerian-made goods and local companies in government spending to stimulate domestic industries and reduce import dependence.
“The most important budget is not the one we announce but the one we deliver,” the President said, pledging better revenue mobilisation, smarter spending and stronger accountability in 2026.
He appealed to lawmakers for partnership in steering the nation’s fiscal course, assuring Nigerians that the benefits of reform would increasingly be felt in homes and communities across the federation.
“With unity of purpose between the Executive and the Legislature, and the resilience of the Nigerian people, we will deliver the full promise of the Renewed Hope Agenda,” Tinubu said as he formally presented the 2026 Appropriation Bill for legislative consideration.
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