By Comfort Asemota
President Bola Ahmed Tinubu yesterday presented the 2026 Appropriation Bill totaling ₦58.18 trillion to a joint session of the National Assembly. Dubbed the “Budget of Consolidation, Renewed Resilience, and Shared Prosperity”, the budget reflects two and a half years of economic reforms aimed at achieving macroeconomic stability, job creation, and inclusive growth in Nigeria.
Key Highlights of the 2026 Budget
The proposed 2026 budget represents 3.87% of Nigeria’s estimated GDP, with projected revenue of ₦34.33 trillion to fund an aggregate expenditure of ₦58.18 trillion. President Tinubu assured lawmakers that all budget-related contracts from 2025 will be completed and contractors fully paid by March 31, 2026.
The budget aims to consolidate macroeconomic gains, restore investor confidence, and translate economic recovery into jobs and improved living standards for Nigerians.
Revenue, Expenditure, and Sector Allocations
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Total Revenue: ₦34.33 trillion
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Total Expenditure: ₦58.18 trillion
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Debt Servicing: ₦15.52 trillion
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Recurrent (Non-Debt) Spending: ₦15.25 trillion
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Capital Expenditure: ₦26.08 trillion
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Budget Deficit: ₦23.85 trillion (4.28% of GDP)
Key sector allocations include:
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Defence & Security: ₦5.41 trillion
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Infrastructure: ₦3.56 trillion
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Education: ₦3.52 trillion
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Health: ₦2.48 trillion
President Tinubu emphasized that these allocations reflect national priorities, fiscal discipline, and value-for-money spending.
Security and Counter-Terrorism Measures
The president announced a new security policy, declaring that all armed groups operating outside state authority will be classified as terrorists. He vowed tougher security enforcement, stricter budget discipline, and accelerated economic reforms to safeguard national stability.
Economic Stability and Growth
President Tinubu highlighted Nigeria’s economic recovery, citing:
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Q3 2025 GDP growth: 3.98%
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Eight consecutive months of moderated inflation: 14.45% in November 2025
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Improved oil production and non-oil revenues
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Rising investor confidence and external reserves: US$47 billion as of mid-November 2025
He stressed that these outcomes are the result of deliberate policy choices and that the next goal is to transform stability into shared prosperity.
Budget Execution and Revenue Mobilization
Acknowledging challenges in 2025 budget implementation, Tinubu directed strict adherence to 2026 budget timelines. He also called on Government-Owned Enterprises (GOEs) to achieve revenue targets through digital systems to prevent leakages, emphasizing that inefficiency and underperformance are no longer acceptable.
Human Capital, Health, and Agriculture
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Education: Over 418,000 students have benefited from the Nigerian Education Loan Fund in partnership with 229 tertiary institutions.
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Health: Allocated 6% of total budget, with $500 million in potential U.S. grant funding for targeted interventions.
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Agriculture and Food Security: Focus on mechanization, irrigation, climate-resilient farming, and agro-value chains to reduce post-harvest losses and increase smallholder incomes.
Commitment to Fiscal Discipline and Accountability
President Tinubu concluded that “the greatest budget is not the one we announce, but the one we deliver.” He highlighted improvements in revenue mobilization, smarter spending, and stronger accountability, reinforcing that economic recovery must benefit all Nigerians.
Lawmakers Praise Budget Presentation
Senator Godswill Akpabio, President of the Senate, commended Tinubu for courageous policies since 2023 and expressed full support from the National Assembly. The Speaker of the House also praised the president for deepening fiscal discipline, restoring macroeconomic stability, and reinforcing executive-legislature collaboration.
