TRUEPOINTNEWS ABUJA- President Bola Ahmed Tinubu on Friday presented the 2026 Appropriation Bill to a Joint Session of the National Assembly, unveiling what he described as a Budget of Consolidation, Renewed Resilience and Shared Prosperity aimed at locking in economic reforms, strengthening resilience, and ensuring inclusive growth.
The President acknowledged the hardships associated with recent economic reforms but assured Nigerians that the sacrifices were yielding tangible results and would translate into improved living standards.
ECONOMIC OUTLOOK
President Tinubu disclosed that Nigeria’s economy recorded 3.98 per cent growth in Q3 2025, up from 3.86 per cent in the same period of 2024. Inflation, he said, had moderated for eight consecutive months, falling to 14.45 per cent in November 2025.
He added that oil production had improved following enhanced security and sector reforms, while non-oil revenues expanded through improved tax administration. External reserves, according to the President, rose to a seven-year high of about $47 billion, restoring investor confidence and strengthening Nigeria’s economic buffers.
2026 BUDGET SIZE
The President announced a total proposed expenditure of ₦58.18 trillion for 2026, against projected revenues of ₦34.33 trillion, resulting in a budget deficit of ₦23.85 trillion, representing 4.28 per cent of GDP.
The budget provides ₦26.08 trillion for capital expenditure, ₦15.25 trillion for recurrent (non-debt) spending, and ₦15.52 trillion for debt servicing.
BUDGET ASSUMPTIONS
The 2026 fiscal framework is based on:
Oil benchmark of $64.85 per barrel
Oil production of 1.84 million barrels per day
Exchange rate of ₦1,400 to the US dollar
PRIORITY SECTORS
Key sectoral allocations include:
Defence and Security: ₦5.41 trillion
Infrastructure: ₦3.56 trillion
Education: ₦3.52 trillion
Health: ₦2.48 trillion
SECURITY AND JUSTICE
President Tinubu reaffirmed his administration’s commitment to national security, announcing enhanced support for the Armed Forces, intelligence-driven policing, border surveillance, and community-based peacebuilding.
He also unveiled a new national counterterrorism doctrine, stating that all armed non-state actors operating outside state authority would be treated as terrorists, with zero tolerance for banditry, kidnapping, and violent crimes.
HUMAN CAPITAL DEVELOPMENT
In education, the President said the Nigerian Education Loan Fund had supported over 788,000 students across 229 tertiary institutions.
Healthcare received six per cent of the total budget size, net of liabilities, while Nigeria secured over $500 million from international partners to support health interventions nationwide.
INFRASTRUCTURE AND AGRICULTURE
The President highlighted ongoing investments in transport, energy, ports, and agriculture, with food security remaining a top priority.
He disclosed that the Bank of Agriculture would drive large-scale mechanisation, affordable financing, and value-chain development, targeting the cultivation of one million hectares and the creation of hundreds of thousands of jobs.
PROCUREMENT AND GOVERNANCE REFORMS
President Tinubu said procurement reforms had reduced costs and improved efficiency, while the Nigeria First Policy would prioritise Nigerian-made goods and local companies in public procurement to boost domestic production and job creation.
IMPLEMENTATION COMMITMENT
The President pledged stricter discipline in budget execution in 2026, with improved revenue mobilisation, targeted spending, and stronger accountability across Ministries, Departments, and Agencies.
CLOSING
Describing the 2026 proposal as “a budget of delivery, not promises,” President Tinubu called for strong collaboration between the Executive and Legislature to fully implement the Renewed Hope Agenda and ensure that the benefits of reform reach households across the federation.
