President Bola Ahmed Tinubu on Friday presented the 2026 Budget proposal before a joint session of the National Assembly.
The President pegged capital expenditure at ₦26.08 trillion, with a crude oil benchmark of US$64.85 per barrel.
According to Tinubu, expected total revenue stands at ₦34.33 trillion, while ₦15.52 trillion is earmarked for debt servicing. The proposed budget deficit is ₦23.85 trillion, representing 4.28 per cent of Gross Domestic Product (GDP).
The proposal is anchored on crude oil production of 1.84 million barrels per day and an exchange rate of ₦1,400 to the US dollar for the 2026 fiscal year.
The presentation was attended by Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, present and former governors, as well as serving and former lawmakers.
FULL ADDRESS BY PRESIDENT BOLA AHMED TINUBU
Distinguished Senate President,
Rt. Honourable Speaker and Honourable Members of the House of Representatives,
Distinguished Senators and Honourable Members of the National Assembly,
Fellow Nigerians,
I am pleased to be back among great minds, thinkers, and leaders who embody the essence of our democracy. I am here today to fulfil a constitutional obligation by presenting the 2026 Appropriation Bill to this joint session of the National Assembly.
Let me be clear: avoiding abandoned projects, unpaid contractual obligations, and the burden of running multiple overlapping budgets is critical to steering our nation forward. By March 31, 2026, all outstanding capital liabilities from previous years will be fully funded and closed. From April 2026, Nigeria will operate a single project cycle backed by a single revenue stream—no overlaps, no rollovers, no excuses.
Over the past two and a half years, our administration has confronted long-standing structural weaknesses, stabilised the economy, rebuilt confidence, and laid a durable foundation for a more resilient, inclusive, and dynamic Nigeria. These reforms have not been painless, but the sacrifices made by Nigerians are not in vain.
The 2026 Budget is themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity.” It is designed to consolidate our gains, strengthen resilience, and transition our economy from survival to growth.
ECONOMIC REALITIES: SIGNS OF STABILISATION
Our reform efforts are yielding results:
-
The economy grew by 3.98% in Q3 2025.
-
Inflation has moderated for eight consecutive months, declining to 14.45% in March 2025.
-
Oil production has improved due to enhanced security and reforms.
-
Non-oil revenues have expanded through improved tax administration.
-
External reserves rose to about US$47 billion, a seven-year high.
These gains are the outcome of deliberate policy choices, not chance.
2026 BUDGET OVERVIEW
-
Expected Revenue: ₦34.33 trillion
-
Total Expenditure: ₦58.18 trillion
-
Debt Servicing: ₦15.52 trillion
-
Capital Expenditure: ₦26.08 trillion
-
Budget Deficit: ₦23.85 trillion (4.28% of GDP)
The budget is anchored on realism, discipline, and growth, with a focus on fiscal sustainability and value-for-money spending.
PRIORITY SECTORS
-
Defence and Security: ₦5.41 trillion
-
Infrastructure: ₦3.56 trillion
-
Education: ₦3.52 trillion
-
Health: ₦2.48 trillion
Security remains the foundation of development. Under a new national security architecture, any armed group operating outside the authority of the state—bandits, militias, armed gangs, criminal networks, violent cults, and foreign-linked mercenaries—will be treated as terrorists. Those who finance, protect, or facilitate them will also face the same designation.
CONCLUSION
The 2026 Budget is not a budget of promises but a Budget of Consolidation, Renewed Resilience and Shared Prosperity. It builds on past reforms, addresses emerging challenges, and charts a clear path toward a more secure, competitive, and inclusive Nigeria.
It is with great pleasure that I lay before this distinguished Joint Session of the National Assembly the 2026 Appropriation Bill of the Federal Republic of Nigeria.
May God bless the Federal Republic of Nigeria.
Thank you.
