President Bola Tinubu on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, unveiling a budget anchored on fiscal discipline, deeper economic reforms and a sweeping overhaul of Nigeria’s security architecture.
Tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the proposal is designed to consolidate recent macroeconomic gains, strengthen investor confidence and translate economic recovery into jobs and improved living standards for Nigerians.
Addressing lawmakers at 3:31pm, Tinubu described the moment as “defining” in Nigeria’s reform journey. He acknowledged the pains of reforms implemented over the past two and a half years but reassured Nigerians that “their sacrifices are not in vain.”
“I appear before this Joint Session of the National Assembly, in fulfilment of my constitutional duty, to present the 2026 Appropriation Bill,” the President said.
Economy showing signs of stability
Tinubu said the Nigerian economy is showing clear signs of stabilisation, citing 3.98 per cent GDP growth in Q3 2025, eight consecutive months of inflation moderation to 14.45 per cent in November 2025, improved oil production, stronger non-oil revenues and rising investor confidence.
He disclosed that external reserves rose to a seven-year high of about $47 billion by mid-November 2025, providing over 10 months of import cover.
“These outcomes are not accidental. They reflect difficult but deliberate policy choices,” he said, adding that the next task is to ensure “stability becomes prosperity, and prosperity becomes shared prosperity.”
2026 fiscal framework
Under the proposal, total revenue is projected at ₦34.33 trillion, while total expenditure stands at ₦58.18 trillion, including ₦15.52 trillion for debt servicing. Recurrent (non-debt) expenditure is estimated at ₦15.25 trillion, while capital expenditure is put at ₦26.08 trillion.
The resulting budget deficit of ₦23.85 trillion represents 4.28 per cent of GDP.
The budget assumptions include a crude oil benchmark of $64.85 per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar.
“These numbers are not just accounting lines; they are a statement of national priorities,” Tinubu said, stressing commitments to fiscal sustainability, debt transparency and value-for-money spending.
Security tops allocations
Security received the largest sectoral allocation of ₦5.41 trillion, followed by infrastructure (₦3.56 trillion), education (₦3.52 trillion) and health (₦2.48 trillion).
Unveiling a tougher security doctrine, Tinubu declared that all armed groups operating outside state authority would henceforth be treated as terrorists.
“Henceforth, any armed group or gun-wielding non-state actor operating outside state authority will be regarded as terrorists,” he said.
He listed bandits, militias, armed gangs, kidnappers, violent cult groups, forest-based armed collectives and foreign-linked mercenaries, warning that financiers, ransom facilitators, arms suppliers and political or community leaders who aid such violence would also face terrorist designation.
Budget discipline, revenue reforms
On implementation, the President admitted that the 2025 budget faced transition challenges. As of Q3 2025, he said ₦18.6 trillion in revenue—about 61 per cent of target—and ₦24.66 trillion in expenditure—60 per cent of target—had been recorded. Capital releases stood at ₦3.10 trillion, or 17.7 per cent, by the third quarter.
He pledged stricter discipline in 2026, directing finance and budget authorities to implement the budget “strictly in line with appropriated details and timelines.” Heads of Government-Owned Enterprises (GOEs) were ordered to meet revenue targets, supported by end-to-end digitisation to curb leakages.
“Nigeria can no longer afford inefficiencies or underperformance in strategic agencies. Every institution must play its part,” Tinubu warned.
Education, health, agriculture
The President said human capital development would remain a priority, revealing that over 418,000 students have benefited from the Nigerian Education Loan Fund, in partnership with 229 tertiary institutions.
Health spending accounts for about six per cent of the total budget, excluding liabilities, with over $500 million in prospective U.S. grant funding expected for targeted health interventions.
On food security, Tinubu said agriculture would be boosted through mechanisation, irrigation, climate-resilient farming, improved storage and agro-value chains to reduce post-harvest losses and raise smallholder incomes.
“A budget to deliver”
“The greatest budget is not the one we announce; it is the one we deliver,” Tinubu said, pledging stronger revenue mobilisation, smarter spending and tighter accountability.
Laying the bill before lawmakers, he described the 2026 budget as one that “belongs to all of us,” expressing confidence that cooperation between the executive and legislature would advance the Renewed Hope Agenda.
“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,” he concluded. “May God bless the Federal Republic of Nigeria.”
