President Bola Ahmed Tinubu on Friday presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly, with defence and security emerging as the highest-funded sector at ₦5.41 trillion.
In the proposal, capital expenditure is pegged at ₦26.08 trillion, while recurrent (non-debt) expenditure stands at ₦15.25 trillion. The budget is anchored 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 disclosed that the expected total revenue for 2026 is ₦34.33 trillion, with ₦15.52 trillion earmarked for debt servicing. The projected budget deficit is ₦23.85 trillion, representing 4.28 per cent of the nation’s Gross Domestic Product (GDP).
Tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the proposal reflects the administration’s focus on security, infrastructure and human capital development. After defence and security, infrastructure received ₦3.56 trillion, education ₦3.52 trillion, while the health sector was allocated ₦2.48 trillion.
Addressing lawmakers, the President stressed that the budget goes beyond figures and projections, describing it as a reflection of the country’s priorities.
“This budget is not just a collection of accounting lines; it is a statement of national priorities,” Tinubu said, reaffirming his administration’s commitment to fiscal sustainability, debt transparency and value-for-money spending.
The budget presentation comes amid persistent security challenges across parts of the country. Tinubu noted that security remains the bedrock of development and outlined measures already in place to address insecurity, including the modernisation of the Armed Forces, intelligence-led policing, joint security operations, improved border control, and technology-driven surveillance.
“We will invest in security with clear accountability for outcomes, because security spending must deliver security results,” the President said, adding that his government will continue to boost personnel strength and procure modern equipment for the armed forces and other security agencies.
Reflecting on the economic reforms introduced since his assumption of office in May 2023 — including the removal of fuel subsidy and the floating of the naira — Tinubu acknowledged the hardships faced by Nigerians but expressed optimism that the economy has begun to stabilise.
“I acknowledge these difficulties plainly, and I assure Nigerians that their sacrifices are not in vain,” he said. “The path of reform is seldom smooth, but it is the surest route to lasting stability and shared prosperity.”
The President also pledged increased investment in critical infrastructure and agriculture to ensure food security, which he described as a matter of national security. According to him, the 2026 budget prioritises mechanisation, irrigation, climate-resilient agriculture, storage, processing and agro-value chains.
Tinubu said the measures are aimed at reducing post-harvest losses, improving farmers’ incomes, deepening agro-industrialisation and building a more resilient and diversified Nigerian economy.
