By Ayomide Otitoju
President Bola Tinubu on Friday presented a ₦58.1 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly, outlining plans to strengthen security, accelerate infrastructure development and consolidate recent economic reforms.
The proposal, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” allocates ₦26.08 trillion to capital expenditure and ₦15.25 trillion to recurrent (non-debt) spending. Debt servicing is estimated at ₦15.52 trillion, while total projected revenue stands at ₦34.33 trillion, leaving a budget deficit of ₦23.85 trillion, equivalent to 4.28 per cent of Gross Domestic Product (GDP).
The budget is based on a crude oil benchmark price of US$64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of ₦1,400 to the US dollar.
In terms of sectoral allocation, defence and security received the highest share at ₦5.41 trillion, reflecting ongoing security challenges across the country. Infrastructure followed with ₦3.56 trillion, while education and health were allocated ₦3.52 trillion and ₦2.48 trillion respectively.
Addressing lawmakers, Tinubu described the proposal as more than a fiscal document, stressing that it reflects the administration’s national priorities.
“These figures are not just accounting lines; they are a statement of national priorities,” the president said. “We remain firmly committed to fiscal sustainability, debt transparency and value-for-money spending.”
The presentation comes amid heightened insecurity marked by mass abductions and other violent crimes. Tinubu reiterated that security remains central to development, outlining measures including the modernisation of the Armed Forces, intelligence-led policing, joint security operations, improved border control, technology-driven surveillance and community-based peacebuilding.
“We will invest in security with clear accountability for outcomes—because security spending must deliver security results,” he said, adding that the government would continue to strengthen the operational capacity of security agencies through personnel expansion and the acquisition of modern equipment.
Reflecting on economic reforms introduced since assuming office in May 2023—particularly the removal of fuel subsidies and the flotation of the naira—Tinubu acknowledged the hardship experienced by Nigerians but said the economy has begun to stabilise.
“I acknowledge these difficulties plainly, and I assure Nigerians that their sacrifices are not in vain,” he said. “The path of reform is seldom smooth, but it is the surest route to lasting stability and shared prosperity.”
The president also pledged increased investment in critical infrastructure and food security, describing both as strategic enablers of private sector growth. He said the 2026 budget prioritises agricultural input financing, mechanisation, irrigation, climate-resilient farming, storage, processing and agro-value chains.
According to Tinubu, these measures are aimed at reducing post-harvest losses, improving smallholder incomes, deepening agro-industrialisation and building a more resilient and diversified Nigerian economy.
