President Bola Tinubu has presented an ambitious N58.18 trillion budget projection for 2026 to a joint session of Nigeria’s National Assembly. Dubbed the “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” the fiscal plan outlines significant expenditure while promising an end to the long-standing practice of multiple budget implementations by March 31, 2026. This deadline is set to ensure all contracts from the 2025 budget are completed and paid for, streamlining the nation’s financial processes.

The proposed budget allocates N15.5 trillion to debt servicing, N15.2 trillion for recurrent expenditure, and N26.08 trillion for capital expenditure, reflecting the government’s priorities. The fiscal framework projects a substantial deficit of N23.853 trillion, underscoring the financial challenges ahead for the West African nation.

Key assumptions underpinning the 2026 budget include an oil price benchmark of $64.85 per barrel and an oil production target of 1.8 million barrels per day. The exchange rate is projected at N1,400.00 to the US dollar, with an anticipated total revenue of N34.33 trillion. These benchmarks highlight the government’s reliance on oil revenues while navigating global economic shifts.

Sectoral allocations within the budget reveal critical areas of focus. Defence and Security receive the highest vote at N5.41 trillion, followed by Infrastructure with N3.56 trillion. Education is earmarked N3.52 trillion, and Health and Social Services are allocated N2.48 trillion, reflecting the administration’s commitment to national security and human capital development.

During the budget presentation, President Tinubu seized the opportunity to highlight the achievements of his administration’s reforms over the past two and a half years. He stated that the economy grew by 3.98% in the third quarter of 2025, an improvement over the 3.86% recorded in the same period in 2024. This growth, he asserted, signals a positive trajectory for the Nigerian economy.

Further economic gains cited by the President include a moderation of inflation for eight consecutive months, with headline inflation declining to 14.45% in November 2025 from 24.23% in March 2025. Improved oil production, supported by enhanced security and technology, coupled with significant expansion in non-oil revenues through better tax administration, were also presented as evidence of reform success. Investor confidence, reflected in increased capital inflows and stronger private-sector participation, alongside a rise in external reserves to a seven-year high of approximately US$47 billion, providing over 10 months of import cover, were also highlighted.

President Tinubu attributed these reform gains not to chance but to “difficult and deliberate policy choices.” He assured Nigerians that their sacrifices would not be in vain, declaring that the nation has emerged from a “dark tunnel of uncertainty and economic volatility.” The President emphasized the immediate task of consolidating these gains to transition stability into widespread prosperity for all citizens.

Earlier, Senate President Godswill Akpabio commended President Tinubu for the courageous policies and decisions implemented since 2023. He affirmed the National Assembly’s unwavering support for the administration’s agenda, setting a cooperative tone for the legislative review of the budget.

However, Akpabio also used the platform to appeal to the President for a review of the policy that led to the withdrawal of police orderlies from VIPs. He specifically requested the restoration of police orderlies for federal lawmakers in both chambers, highlighting a concern among legislators regarding personal security arrangements.

In his closing remarks, the Speaker of the House of Representatives, Hon Tajudeen Abbas, expressed confidence in the N58.18 trillion 2026 budget, describing it as not only ambitious but also achievable. Speaker Abbas pledged the National Assembly’s commitment to ensuring that every naira proposed and appropriated in the budget contributes tangible value to the Nigerian populace.

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