By Deborah Nnamdi
President Bola Tinubu on Friday presented a N58.1 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly, outlining a spending plan focused on security, infrastructure, and economic consolidation.
The proposal sets capital expenditure at N26.08 trillion, while recurrent (non-debt) expenditure stands at N15.25 trillion. Tinubu pegged the crude oil benchmark at $64.85 per barrel, with projected oil production of 1.84 million barrels per day and an exchange rate assumption of N1,400 to the US dollar.
According to the President, total revenue for 2026 is estimated at N34.33 trillion, while total expenditure is projected at N58.18 trillion, including N15.52 trillion earmarked for debt servicing. This leaves a budget deficit of N23.85 trillion, representing 4.28 per cent of Gross Domestic Product.
In terms of sectoral allocation, defence and security received the largest share at N5.41 trillion, followed by infrastructure with N3.56 trillion. Education was allocated N3.52 trillion, while the health sector is to receive N2.48 trillion. The proposal is titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”
Addressing lawmakers, Tinubu said the budget was more than figures on paper, describing it as a reflection of the government’s priorities. He reaffirmed his administration’s commitment to fiscal sustainability, debt transparency, and value-for-money spending.
The President said security remained central to national development, especially amid persistent insecurity across parts of the country. He outlined measures including the modernisation of the Armed Forces, intelligence-driven policing, joint security operations, strengthened border security, technology-enabled surveillance, and community-based peacebuilding.
“We will invest in security with clear accountability for outcomes—because security spending must deliver security results,” he said, adding that his administration would continue to enhance the fighting capability of the armed forces and other security agencies through increased personnel and the procurement of modern equipment.
Tinubu also reflected on the economic reforms undertaken since his assumption of office in May 2023, including the removal of fuel subsidy and the floating of the naira, which contributed to rising inflation. He maintained, however, that the economy had begun to stabilise, assuring Nigerians that the benefits of reform would increasingly be felt.
“I commend the understanding, sacrifice, and resilience of our people,” the President said, pledging to ease the burdens of transition and ensure that the gains of reform reach households and communities across the country.
He further promised sustained investment in critical infrastructure and food security, describing them as strategic priorities for unlocking private capital and driving growth. Tinubu said the 2026 budget prioritises agricultural input financing, mechanisation, irrigation, climate-resilient farming, storage, processing, and agro-value chains to reduce post-harvest losses, raise farmers’ incomes, and deepen agro-industrialisation.
