President Bola Ahmed Tinubu today presented the proposed 2026 Appropriation Bill to a joint session of the National Assembly, outlining a comprehensive fiscal plan totaling ₦58.47 trillion aimed at consolidating economic gains, enhancing national security, and fostering shared prosperity for all Nigerian.
Titled the "Budget of Consolidation, Renewed Resilience and Shared Prosperity," the proposal prioritizes security, infrastructure, education, and health as key pillars for sustainable development.
In his address, President Tinubu emphasized that national security remains the bedrock of economic growth, investment, and social stability. Accordingly, defence and security have been allocated the largest share of ₦5.41 trillion, underscoring the administration's unwavering commitment to modernizing the armed forces, strengthening intelligence driven policing, enhancing border surveillance, and supporting joint operations among security agencies.
"The scale of this allocation reflects our resolve to restore peace and stabilize the country after years of banditry, kidnapping, insurgency, and communal violence," President Tinubu stated.
The budget breakdown features capital expenditure pegged at ₦26.08 trillion, recurrent (non-debt) expenditure at ₦15.25 trillion, and debt servicing at ₦15.52 trillion. Projected total revenue stands at ₦34.33 trillion, resulting in a budget deficit of ₦23.85 trillion, equivalent to 4.28% of GDP.
The fiscal plan is anchored on prudent economic assumptions, including a crude oil benchmark price of US$64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of ₦1,400 to the US dollar. President Tinubu highlighted that these parameters reflect a realistic outlook amid global uncertainties, whilereaffirming the administration's economic reforms are yielding positive results.
In a significant policy declaration, President Tinubu announced that all armed groups operating outside state authority. including bandits, militias, kidnappers, armed gangs, and violent cult groups along with their financiers, informants, and enablers, will henceforth be classified and treated as terrorists. This measure aims to reset Nigeria's security architecture and ensure lasting peace.
President Tinubu called for continued collaboration between the Executive and Legislature, noting that the success of the budget will be measured by effective implementation rather than announcements. "This budget is a test of execution. We must deliver on our promises to the Nigerian people," he remarked.
The 2026 budget builds on the achievements of previous fiscal years, including the 2025 budget of ₦49.7 trillion, and positions Nigeria for renewed resilience in the face of ongoing challenges.