Shola Akinyele
President Bola Ahmed Tinubu on Friday, December 19, presented Nigeria’s 2026 Appropriation Bill to the National Assembly, unveiling a ₦58.18 trillion budget framework designed to balance fiscal discipline with economic expansion under his Renewed Hope Agenda.
The President said the 2026 Federal Budget is anchored on realism, prudence and sustainable growth, reflecting current economic realities while prioritising investments that can drive long-term national development.
Under the proposal, total revenue is projected at ₦34.33 trillion, while total expenditure is estimated at ₦58.18 trillion. Of this amount, ₦15.52 trillion is allocated to debt servicing. Recurrent (non-debt) expenditure stands at ₦15.25 trillion, while capital spending is set at ₦26.08 trillion, signalling a strong push towards infrastructure development and productive investments.
The budget deficit is put at ₦23.85 trillion, representing 4.28 per cent of Gross Domestic Product (GDP).
Tinubu stressed that the figures represent more than fiscal calculations, describing them as a clear expression of the government’s national priorities. He reaffirmed his administration’s commitment to fiscal sustainability, debt transparency and value-for-money public spending.
The President explained that the budget is guided by the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, with conservative macroeconomic assumptions to reduce fiscal risks. These include a crude oil benchmark of $64.85 per barrel, daily oil production of 1.84 million barrels, and an average exchange rate of ₦1,400 to the US dollar for the 2026 fiscal year.
He assured Nigerians that the government would continue to cut waste, tighten expenditure controls and ensure that every naira borrowed or spent delivers measurable public benefits.
Sectoral allocations in the 2026 budget highlight the administration’s development focus. Defence and security received ₦5.41 trillion to strengthen national stability. Infrastructure was allocated ₦3.56 trillion, while education and health were allotted ₦3.52 trillion and ₦2.48 trillion respectively.
According to Tinubu, the priorities are deliberately interconnected. He noted that security is essential for investment and economic confidence, education and health are critical to productivity, and infrastructure is the backbone of job creation and enterprise growth.
The President said the 2026 budget is designed as a unified programme of national renewal, aimed at stabilising the economy, stimulating growth and improving the quality of life for Nigerians.
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