President Bola Ahmed Tinubu on Friday presented the N58.18 trillion 2026 Appropriation Bill to the National Assembly, proposing a N5.41 trillion allocation for defence and security—about 9.3 per cent of the total budget.
Unveiling the proposal, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the President stressed that security remains central to economic growth, noting that investment cannot flourish in an unsafe environment.
Tinubu said the 2026 budget underscores his administration’s resolve to entrench macroeconomic stability, enhance competitiveness and ensure that economic growth delivers tangible benefits to Nigerians.
According to him, the budget is built on realism, fiscal discipline and a growth-focused outlook. Key projections include expected total revenue of N34.33 trillion, total expenditure of N58.18 trillion, recurrent (non-debt) spending of N15.25 trillion, and capital expenditure estimated at N26.08 trillion.
The proposal also projects a fiscal deficit of N23.85 trillion—equivalent to 4.28 per cent of Gross Domestic Product—which the President said aligns with the government’s medium-term fiscal framework.
“These figures go beyond accounting. They represent our national priorities. We remain committed to fiscal sustainability, debt transparency and value-for-money spending,” Tinubu told lawmakers.
He explained that the budget parameters are guided by the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, with projections based on a conservative oil price benchmark of 64.85 dollars per barrel, daily crude oil production of 1.84 million barrels, and an exchange rate of N1,400 to the dollar.
The President said healthcare would receive about six per cent of total allocations, while infrastructure development, agricultural reforms and private-sector investment are prioritised to strengthen food security and economic resilience.
He added that agriculture-focused interventions would target input financing, mechanisation, irrigation, storage facilities and agro-value chains to curb post-harvest losses and raise farmers’ incomes.
“These priorities are interconnected. Without security, investment will not thrive. Without educated and healthy citizens, productivity will not improve. And without infrastructure, jobs and enterprises cannot scale,” Tinubu said.
He noted that the 2026 budget builds on earlier reforms and is designed as a unified programme aimed at consolidating gains, strengthening resilience and delivering shared prosperity.
The proposed spending plan represents a 5.8 per cent increase over the N54.99 trillion 2025 budget signed into law by the President.
