President Bola Ahmed Tinubu on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, describing it as a “Budget of Consolidation, Renewed Resilience and Shared Prosperity” aimed at deepening reforms, stabilising the economy and delivering inclusive growth.
Addressing lawmakers in Abuja, the President said the budget marked a defining phase in Nigeria’s reform journey, consolidating gains made over the past two and a half years while shifting the economy from survival to sustainable growth. He acknowledged the pains associated with recent reforms but assured Nigerians that the sacrifices were yielding results.
According to Tinubu, key economic indicators show improving fundamentals, with GDP growth rising to 3.98 per cent in the third quarter of 2025, inflation moderating for eight consecutive months to 14.45 per cent in November, improved oil production, stronger non-oil revenue performance and a rebound in investor confidence. External reserves, he said, stood at a seven-year high of about $47 billion, providing over 10 months of import cover.
Reviewing the 2025 budget performance, the President disclosed that as of the third quarter, revenue stood at ₦18.6 trillion (61 per cent of target), while expenditure reached ₦24.66 trillion (60 per cent of target). He admitted that capital releases were constrained by the transition period but pledged stricter discipline in 2026, with firm directives issued to economic management officials to ensure timely and faithful implementation.
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, while the deficit of ₦23.85 trillion represents 4.28 per cent of GDP. The framework is based on a crude oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day and an exchange rate of ₦1,400 to the dollar.
Tinubu said the budget is guided by four core objectives: consolidating macroeconomic stability, improving the investment climate, promoting job-rich growth and reducing poverty, and strengthening human capital while protecting the vulnerable. Priority 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.
On security, the President announced a reset of the national security architecture, including a new counterterrorism doctrine that classifies all armed groups operating outside state authority as terrorists. He vowed decisive action against banditry, kidnapping, militias and other violent crimes.
In education and health, Tinubu highlighted expanded access to student loans, with over 788,000 beneficiaries nationwide, and increased healthcare spending, supported by more than $500 million in pledged international assistance. Agriculture, infrastructure development and procurement reforms also feature prominently, alongside a “Nigeria First” policy to prioritise local goods and businesses.
“The most important budget is not the one we announce, but the one we deliver,” the President said, committing to improved revenue mobilisation, value-for-money spending and stronger accountability.
He called on the National Assembly to partner with the Executive in delivering the Renewed Hope Agenda, formally laying the 2026 Appropriation Bill before the legislature for consideration.
