President Bola Tinubu has proposed a ₦58.47 trillion budget for the 2026 fiscal year during a presentation to a joint session of the National Assembly on Friday.
The spending plan includes ₦15.25 trillion for capital recurrent (non-debt) expenditure and is titled the “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”
The President pegged capital expenditure at ₦26.08 trillion, with the proposal resting on a crude oil benchmark of US$64.85 per barrel and a production target of 1.84 million barrels per day.
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Additionally, the budget assumes an exchange rate of ₦1,400 to the US Dollar.
Total expected revenue is estimated at ₦34.33 trillion, while the projected total expenditure stands at ₦58.18 trillion, including ₦15.52 trillion dedicated to debt servicing.
This leaves a budget deficit of ₦23.85 trillion, which is 4.28% of GDP.
In terms of sectoral priorities, defence and security received the largest portion of the budget at ₦5.41 trillion. Other major allocations include:
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Infrastructure: ₦3.56 trillion
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Education: ₦3.52 trillion
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Health: ₦2.48 trillion
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Addressing the lawmakers, the President emphasized that the figures in the proposal are not “just accounting lines.”
Instead, he stated, “They are a statement of national priorities.”
He further reassured the assembly of his administration’s focus, saying, “We remain firmly committed to fiscal sustainability, debt transparency, and value-for-money spending.”
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