President Bola Tinubu on Friday presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to a joint sitting of the National Assembly, outlining his administration’s fiscal priorities amid ongoing economic reforms and security challenges.
The proposal sets capital expenditure at ₦26.08 trillion, while recurrent non-debt spending stands at ₦15.25 trillion.
Tinubu also pegged the crude oil benchmark at US$64.85 per barrel, with projected production of 1.84 million barrels per day and an exchange rate assumption of ₦1,400 to the dollar.
According to the president, expected total revenue for 2026 is ₦34.33 trillion, while debt servicing is estimated at ₦15.52 trillion.
The resulting budget deficit of ₦23.85 trillion represents about 4.28 per cent of Nigeria’s Gross Domestic Product.
Sectoral allocations show a strong tilt toward security and infrastructure. Defence and security received the highest allocation of ₦5.41 trillion, followed by infrastructure with ₦3.56 trillion.
Education was allocated ₦3.52 trillion, while health received ₦2.48 trillion.
The proposal is titled Budget of Consolidation, Renewed Resilience and Shared Prosperity.
Addressing lawmakers, Tinubu said the budget reflects more than fiscal arithmetic.
He described it as a statement of national priorities, stressing his administration’s commitment to fiscal sustainability, transparency in debt management, and value-for-money spending.
On security, the president said the heavy allocation was informed by persistent insecurity across parts of the country.
He noted that his government would continue to modernise the armed forces, strengthen intelligence-led policing, improve border security, and deploy technology-driven surveillance alongside community-based peacebuilding initiatives.
Tinubu said security spending would be tied to measurable outcomes, adding that boosting personnel strength and procuring advanced equipment for security agencies remain central to his plans.
The budget presentation also came against the backdrop of economic reforms introduced 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 and cost-of-living pressures.
While acknowledging the hardship faced by Nigerians, Tinubu maintained that the economy has begun to stabilise.
He assured citizens that the sacrifices made would yield long-term benefits, describing the reform path as difficult but necessary for sustainable growth.
The president further pledged increased investment in infrastructure and agriculture, describing food security as a core national security concern.
He said the 2026 budget prioritises input financing, mechanisation, irrigation, climate-resilient farming, storage, processing, and agro-value chains.
According to him, these measures are aimed at reducing post-harvest losses, raising farmers’ incomes, deepening agro-industrialisation, and building a more diversified and resilient economy.
