President Bola Ahmed Tinubu on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, declaring 2026 a year of consolidation, renewed resilience and shared prosperity for Nigeria.
Delivering the budget speech at the National Assembly Complex in Abuja, the President said the proposal builds on the reforms undertaken over the past two and a half years, which he noted were difficult but necessary to stabilise the economy, restore confidence and lay the foundation for sustainable growth.
The 2026 budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is anchored on expected revenue of ₦34.33 trillion, total expenditure of ₦58.18 trillion and a projected deficit of ₦23.85 trillion, representing 4.28 per cent of GDP. Capital expenditure is set at ₦26.08 trillion, while ₦15.52 trillion is earmarked for debt servicing.
President Tinubu said the economy was already showing signs of recovery, citing a 3.98 per cent GDP growth in the third quarter of 2025, declining inflation which fell to 14.45 per cent in November 2025, improved oil production, stronger non-oil revenue performance and rising investor confidence. He also disclosed that Nigeria’s external reserves had climbed to about $47 billion, the highest level in seven years.
Acknowledging the hardship Nigerians endured during the reform period, the President assured citizens that their sacrifices were yielding results. “The path of reform is seldom smooth, but it is the surest route to lasting stability and shared prosperity,” he said.
On budget implementation, Tinubu admitted that 2025 execution faced challenges due to transition pressures, with revenue and expenditure performance at about 61 per cent and 60 per cent respectively as of the third quarter. He pledged stricter discipline in 2026, directing key economic officials to ensure full compliance with appropriations, timelines and performance benchmarks.
The President outlined four core objectives for the 2026 budget: consolidating macroeconomic stability, improving the business environment, promoting job-rich growth and poverty reduction, and strengthening human capital development while protecting the vulnerable.
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. Tinubu said security spending would focus on modernising the armed forces, intelligence-driven policing, border surveillance and community peacebuilding, alongside a new national counterterrorism doctrine that classifies all armed non-state actors as terrorists.
In education, the President disclosed that over 788,000 students had benefited from the Nigerian Education Loan Fund, while healthcare spending accounts for six per cent of the total budget size. He also announced over $500 million in expected health-sector support following recent engagements with the United States government.
On agriculture and infrastructure, Tinubu reaffirmed food security as a national priority, with investments in mechanisation, irrigation, storage, processing and agro-value chains. He revealed plans by the Bank of Agriculture to support cultivation of one million hectares and create hundreds of thousands of jobs in 2026.
The President also highlighted ongoing procurement reforms and the Nigeria First Policy, which mandates ministries and agencies to prioritise locally made goods and services to boost domestic industries, create jobs and reduce import dependence.
Concluding his address, Tinubu stressed that the true value of the budget lies in delivery, not announcements. He pledged better revenue mobilisation, smarter spending and stronger accountability, calling on the National Assembly to partner with the Executive in steering Nigeria toward a more secure, competitive and hopeful future.
“I therefore lay before this distinguished Joint Session the 2026 Appropriation Bill of the Federal Republic of Nigeria,” the President said, “and seek your partnership in charting the nation’s fiscal course for the coming year.”
