Abubakar Siddiq Ibn Usman
President Bola Tinubu on Friday presented the 2026 Appropriation Bill to a joint session of the National Assembly, proposing a total expenditure of ₦58.18 trillion and outlining a fiscal plan aimed at consolidating economic reforms, strengthening resilience and delivering broad-based prosperity.
The budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” was presented in Abuja as part of the President’s constitutional obligation. Tinubu said the proposal builds on reforms undertaken over the past two and a half years to stabilise the economy, rebuild confidence and lay the foundation for inclusive growth.
According to the President, Nigeria’s economy grew by 3.98 per cent in the third quarter of 2025, while inflation moderated for eight consecutive months, dropping to 14.45 per cent in November 2025 from 24.23 per cent in March. He added that external reserves had risen to about $47 billion, a seven-year high, providing over 10 months of import cover.
Tinubu disclosed that expected revenue for 2026 stands at ₦34.33 trillion, while the projected budget deficit is ₦23.85 trillion, representing 4.28 per cent of GDP. Debt servicing is estimated at ₦15.52 trillion, with recurrent (non-debt) expenditure at ₦15.25 trillion and capital expenditure at ₦26.08 trillion.
The budget is anchored on a crude oil benchmark of $64.85 per barrel, oil production of 1.84 million barrels per day and an exchange rate of ₦1,400 to the dollar.
Key sectoral allocations include ₦5.41 trillion for defence and security, ₦3.56 trillion for infrastructure, ₦3.52 trillion for education and ₦2.48 trillion for health.
The President said national security remains the foundation of development, announcing plans to modernise the armed forces, strengthen intelligence-driven policing and introduce a new national counterterrorism doctrine. He declared that all armed non-state actors operating outside state authority would be treated as terrorists.
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On human capital development, Tinubu said over 788,000 students had benefited from the Nigerian Education Loan Fund, while healthcare spending accounts for six per cent of the total budget.
He also announced that Nigeria had secured over $500 million from the United States for health interventions.
In agriculture, the President said the 2026 budget prioritises mechanisation, irrigation, storage and agro-value chains to boost food security and reduce post-harvest losses.
VHe added that the Bank of Agriculture plans to support the cultivation of one million hectares and create hundreds of thousands of jobs.
Tinubu also highlighted procurement reforms and the implementation of a “Nigeria First Policy,” which mandates ministries, departments and agencies to prioritise locally made goods and services.
He assured lawmakers that 2026 would mark a year of stricter budget discipline, improved revenue mobilisation and stronger accountability, stressing that the focus would be on delivering measurable outcomes rather than promises.
The President formally laid the 2026 Appropriation Bill before the National Assembly and called for cooperation between the executive and legislature to deliver the objectives of the Renewed Hope Agenda.
Rabiu M. Hamza
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