Tinubu Unveils ₦58.18trn 2026 Budget, Targets Stability and Growth

President Bola Ahmed Tinubu on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to the National Assembly, outlining a fiscal plan focused on consolidating economic reforms, strengthening resilience, and driving inclusive growth.

The budget, titled *“Budget of Consolidation, Renewed Resilience and Shared Prosperity,”* projects total revenue of ₦34.33 trillion and a deficit of ₦23.85 trillion, equivalent to 4.28 per cent of GDP. Capital expenditure is pegged at ₦26.08 trillion, while debt servicing will take ₦15.52 trillion.

Addressing a joint session of the Senate and House of Representatives, Tinubu said the 2026 budget builds on difficult but necessary reforms undertaken over the past two and a half years to stabilise the economy, rebuild confidence, and lay the groundwork for sustainable growth.

He said recent economic indicators show progress, citing GDP growth of 3.98 per cent in the third quarter of 2025, a steady decline in inflation to 14.45 per cent in November, improved oil production, stronger non-oil revenue, rising investor confidence, and external reserves at a seven-year high of about $47 billion.

According to the president, 2026 will mark a shift to tighter discipline in budget execution. He said clear directives have been issued to ensure strict adherence to approved timelines and spending plans, alongside stronger revenue mobilisation through new tax laws and reforms in the oil and gas sector.

The budget framework assumes an oil price benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an average exchange rate of ₦1,400 to the dollar.

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 the allocations reflect the administration’s view that security, human capital, and infrastructure must advance together to unlock productivity and jobs.

On security, the president announced a reset of the national security architecture, including a new counterterrorism doctrine that will treat all armed groups operating outside state authority as terrorists. He pledged tougher action against banditry, kidnapping, and violent crimes, backed by better equipment, intelligence, and accountability.

In education and health, Tinubu highlighted expanded access to student loans through the Nigerian Education Loan Fund, which he said has supported over 788,000 students nationwide. He also noted increased healthcare funding and ongoing partnerships with international donors, including over $500 million expected for health interventions.

The budget also prioritises agriculture, food security, and infrastructure, with plans to expand mechanisation, irrigation, storage, and agro-processing. Tinubu said the Bank of Agriculture will play a central role in financing smallholder farmers and boosting export-oriented production.

He added that ongoing procurement reforms and the Nigeria First Policy will prioritise local content, cut waste, and improve value for money across government spending.

Tinubu told lawmakers that the true test of the budget would be delivery, not announcements, stressing that 2026 would focus on better revenue, better spending, and stronger accountability.

He appealed to the National Assembly for partnership in steering the country’s fiscal direction, saying the budget aims to move Nigeria from survival to growth while ensuring that the gains of reform reach households and communities across the federation.