President Bola Tinubu on Friday presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly, with a strong focus on security, infrastructure and economic consolidation.
The proposal pegs capital expenditure at ₦26.08 trillion, while recurrent (non-debt) spending stands at ₦15.25 trillion. Defence and security received the largest allocation at ₦5.41 trillion, followed by infrastructure (₦3.56 trillion), education (₦3.52 trillion), and health (₦2.48 trillion).
Tinubu set the crude oil benchmark at $64.85 per barrel, projected oil production at 1.84 million barrels per day, and assumed an exchange rate of ₦1,400 to the dollar.
Expected revenue for 2026 is ₦34.33 trillion, with ₦15.52 trillion earmarked for debt servicing. The proposed budget deficit stands at ₦23.85 trillion, representing 4.28 per cent of GDP.
Describing the proposal as the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the president said it reflects national priorities rather than mere accounting figures.
“Security remains the foundation of development,” Tinubu told lawmakers, outlining plans to modernise the armed forces, strengthen intelligence-led policing, enhance border security and deploy technology-driven surveillance.
Acknowledging the economic hardship following fuel subsidy removal and naira flotation, the president assured Nigerians that the economy has stabilised and better days lie ahead.
He also pledged increased investment in agriculture, food security and infrastructure, describing them as strategic drivers of growth, job creation and long-term economic resilience.