President Bola Tinubu on Friday presented the 2026 Appropriation Bill to the Joint Session of the National Assembly, outlining a budget of ₦58.18 trillion aimed at consolidating macroeconomic stability and promoting shared prosperity.
According to President Tinubu, the Budget which theme is Consolidation, Renewed Resilience and Shared Prosperity, has Defence and Security taking lion share of ₦5.41 trillion; Infrastructure: ₦3.56, trillion, Education: ₦3.52 trillion and
Health: ₦2.48 trillion.
“The 2026 Budget is themed: “Budget of Consolidation, Renewed Resilience and Shared Prosperity”. It reflects our determination to lock in macroeconomic stability, deepen competitiveness, and ensure that growth translates into decent jobs, rising incomes, and a better quality of life across our Federation,” President Tinubu stated.
Speaking on the budget vis-a-vis the country’s economic growth, the President said that the economy grew by 3.98% in Q3 2025, higher than the 3.86% recorded in Q3 2024, while hinting that inflation has moderated for eight consecutive months, with headline inflation declining to 14.45% in November 2025, from 24.23% in March 2025.
On revenue projection, Tinubu noted that
the budget projects total revenue of ₦34.33 trillion, with new borrowings of ₦17.88 trillion and debt servicing of ₦15.52 trillion.
According him, capital expenditure is projected at ₦26.08 trillion, with a focus on infrastructure, education, and healthcare.
On Priority Sectors for the 2026 fiscal year, sectors prioritized in the budget include: Defence and Security; Infrastructure, Education and Health, as reflected earlier.
Commenting Oil Production, the President said that the budget assumes an oil production target of 1.84 million barrels per day and a crude oil price benchmark of $64.85 per barrel, noting that the exchange rate is projected at ₦1,512 to the dollar for the 2026 fiscal year while fiscal deficit is estimated at ₦23.85 trillion, representing 4.28% of GDP.
He pointed out that recurrent expenditure is projected at ₦15.25 trillion, with pensions, gratuities, and retirees’ benefits at ₦1.376 trillion ¹.
According him, debt servicing is projected at ₦15.52 trillion, highlighting the government’s commitment to fiscal discipline, just as the budget assumes a GDP growth rate of 68% and inflation rate of 16.5% for 2026.
He said that Security remains the foundation of development, emphasizing that the 2026 budget strengthens support for modernisation of the Armed Forces, intelligence-driven policing, and community-based peacebuilding.
President Tinubu also noted that the budget prioritizes education and healthcare, with a focus on expanding access to higher education and improving healthcare services.
On infrastructure development, the budget allocates ₦3.56 trillion for infrastructure development, including transport and energy projects, while the budget also prioritizes agricultural development, with a focus on input financing, mechanisation, and climate-resilient agriculture.
President Tinúbu encouraged Nigerians that his administration had directed all ministries, departments, and agencies to ensure strict adherence to budget timelines and priorities.
Similarly, the President stressed that government was committed to fiscal discipline, with a focus on reducing waste and improving transparency.
According to the President, the government aims to improve revenue mobilisation through efficiency reforms and enhanced tax administration, stressing that the budget aims to promote shared prosperity, with a focus on reducing poverty and improving living standards.
