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.

The Senator representing the Federal Capital Territory, Ireti Kingibe, has identified the Abuja Municipal Area Council as the starting point of her political push ahead of the February 2026 area council elections, following her defection from the Labour Party to the African Democratic Congress.

Kingibe made the declaration on Thursday, less than 24 hours after formally joining the ADC in preparation for the 2027 general elections.

She completed her registration at her Wuse Ward in AMAC, describing the move as the beginning of a serious political contest rather than a ceremonial exercise.

Speaking to journalists and party supporters after receiving her ADC membership card, the senator said the party was determined to take control of all six area councils in the FCT, beginning with AMAC.

She said the task ahead was a major political battle, stressing that AMAC, as her local government area and Wuse as her ward, naturally provided the launchpad for the ADC’s grassroots mobilisation.

The event also featured the unveiling of the ADC’s chairmanship and councillorship candidates across the FCT, with party flags presented to signal the party’s readiness for the February polls.

Political watchers believe Kingibe’s entry into the ADC could reshape the political landscape in the FCT, as competition for grassroots dominance intensifies ahead of the 2026 council elections and the 2027 general polls.

Former National Chairman of the ADC, Ralph Nwosu, described Kingibe’s defection as a major boost to the party’s growing influence in the territory.

He said her decision reflected a wider national realignment driven by public frustration with existing political arrangements.

According to Nwosu, the defection of the FCT’s senator was a strong signal that Nigerians were seeking a new political direction, adding that the ADC was steadily emerging as a rallying point for change.

He, however, noted that the party would be selective in admitting new members, insisting it would not become a haven for politicians motivated solely by money or personal ambition.

Also speaking, the ADC National Treasurer, Mani Ahmed, said the party was fully prepared for upcoming elections at both local and national levels.

He stated that widespread dissatisfaction with governance had positioned the ADC as a credible alternative.

From the constituency angle, Head of Senator Kingibe’s constituency office and national ex-official representing the FCT, Emmanuel Destiny, said the senator’s defection marked the start of a new political chapter for residents of the territory, particularly women and young people.

He urged women and youths to rally behind Kingibe, arguing that Nigerians were yearning for meaningful change amid hardship, insecurity and economic pressure, and that the ADC offered a viable platform for that transformation.

The Senate has confirmed 64 nominees for career and non-career ambassadorial positions after adopting the report of its Committee on Foreign Affairs.

The confirmation followed the presentation of the committee’s report by its chairman, Senator Sani Bello, which was subsequently considered and approved by the upper chamber.

During deliberations, Senator Sahabi Yau raised concerns over the absence of any nominee from Zamfara State in the list and urged that the matter be brought to the attention of the President.

Responding, the President of the Senate acknowledged the concern and explained that the list submitted was not exhaustive.

He assured lawmakers that additional nominations were expected and that Zamfara State would not be excluded.

He also pledged to raise the issue directly with President Bola Tinubu.

President Tinubu had, on December 4, forwarded a request to the Senate seeking confirmation of 65 ambassadorial nominees, comprising 34 career ambassadors and 31 non-career ambassadors and high commissioners.

The letter was read on the floor of the Senate during plenary.

The list of nominees includes several prominent political figures among the non-career appointments, such as former Chairman of the Independent National Electoral Commission, Mahmood Yakubu; former Minister of Aviation, Femi Fani-Kayode; former Abia State Governor, Okezie Ikpeazu; and former presidential aide, Reno Omokri.
Others on the list are Senator Ita Enang, former Enugu State Governor Ifeanyi Ugwuanyi, Chioma Ohakim, Bello Danbazau, Vice Admiral Ibok Ete (retd.), and Senator Jimoh Ibrahim, among others.

The ambassadorial nominations were referred to the Senate Committee on Foreign Affairs for screening, bringing the total number of nominees considered by the Senate to 68.

This followed the earlier screening and confirmation of three nominees; Kayode Are, Aminu Dalhatu, and Ayodele Oke.

The nominations have continued to generate mixed reactions nationwide. While some stakeholders criticised the inclusion of certain nominees, others defended the President’s choices.

A former Permanent Secretary at the Ministry of Foreign Affairs, Joe Keshi, questioned the suitability of some nominees, while the President of the Nigerian Bar Association, Afam Osigwe, criticised the Senate’s screening process.

However, the Senior Special Assistant to the President on Foreign Affairs and Protocol, Ademola Oshodi, described the nominees as the best choices for Nigeria’s diplomatic interests, insisting that the final outcome would ultimately be judged by their performance in office.

President Bola Ahmed Tinubu has forwarded the Appropriation (Repeal and Re-enactment) Bill 2024–2025 to the House of Representatives, seeking legislative approval for a N43.56 trillion spending plan aimed at ending the long-standing practice of running multiple budgets simultaneously.

The bill, transmitted in line with constitutional appropriation procedures, authorises the withdrawal of N43,561,041,744,507 from the Consolidated Revenue Fund of the Federation for the fiscal year ending December 31, 2025.

Deputy Speaker of the House, Benjamin Kalu, read the President’s letter during Wednesday’s plenary.

He disclosed that the proposed expenditure comprises N1.74 trillion for statutory transfers, N8.27 trillion for debt servicing, N8.11 trillion for recurrent non-debt spending, and N22.28 trillion allocated to capital expenditure and development fund contributions.

Multiple and overlapping budget cycles have remained a persistent feature of federal fiscal management, often justified by the government and the National Assembly as necessary to complete ongoing projects.

Under the Tinubu administration, lawmakers have approved several overlapping budgets, further entrenching the practice.

In 2024 alone, Nigeria operated three budgets: the N21.8 trillion 2023 budget, the N2.17 trillion 2023 supplementary budget, and the N28.7 trillion 2024 appropriation.

Although the first two were passed under the administration of late former President Muhammadu Buhari, Tinubu extended their capital components initially to June and later to December 2024, even as the 2024 budget was already in operation.

A similar pattern continued in 2025, with the capital component of the 2024 budget extended twice, first to June 2025 and subsequently to December 2025.

As a result, the country is currently implementing two budgets concurrently: the extended 2024 budget and the 2025 budget estimated at N54.2 trillion, which lawmakers increased by N7 billion from the President’s original proposal.

In his letter, Tinubu said the new bill is intended to halt the cycle of multiple budget implementations, which he noted often complicates fiscal planning and delays the execution of capital projects.

He said the legislation would help achieve significantly improved performance levels for the 2024 and 2025 capital budgets, signalling a shift toward a more capital-driven expenditure framework.

The President explained that the bill also provides a transparent and constitutionally sound mechanism for consolidating and appropriating urgent expenditures incurred in response to emergencies, including spending related to national security and public welfare, while maintaining fiscal discipline.

According to Tinubu, the proposed law strengthens accountability by mandating that appropriated funds are released and utilised strictly for the purposes approved by the National Assembly.

Any virement or alteration of approved spending, he said, would require prior legislative consent.

He added that the bill establishes provisions for correcting genuine errors through corrigenda, requires separate documentation of excess revenues, restricts their expenditure to National Assembly approval, and mandates periodic reporting on fund releases and revenues generated by government agencies.

Tinubu urged lawmakers to give the bill expedited consideration, stressing its importance to improving budget discipline, transparency and effective implementation of government programmes.