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President Bola Ahmed Tinubu on Wednesday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, declaring an end to the long-standing practice of running multiple overlapping budgets and promising stricter discipline in revenue generation and expenditure.

The budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is anchored on projected revenues of ₦34.33 trillion, capital expenditure of ₦26.08 trillion, and a deficit of ₦23.85 trillion, representing 4.28 per cent of GDP. Debt servicing is estimated at ₦15.52 trillion.

Addressing lawmakers, Tinubu said his administration would fully close all outstanding capital liabilities from previous years by March 31, 2026, after which Nigeria would operate a single, clearly defined budget cycle.

“We are terminating the habit of running three budgets on one inflow,” the President said. “From April, Nigeria will operate on a single project backed by a single revenue cycle — no overlap, no excuses.”

Economy Showing Signs of Stabilisation

Tinubu said recent reforms, though painful, were yielding results, citing economic growth of 3.98 per cent in the third quarter of 2025, eight consecutive months of moderating inflation, improved oil production, expanded non-oil revenues, and rising investor confidence.

He also disclosed that Nigeria’s external reserves had climbed to about $47 billion, a seven-year high, providing over 10 months of import cover.

“These outcomes are not accidental,” he said. “They are the consequence of difficult policy choices.”

Admission of Weak 2025 Budget Performance

The President acknowledged weaknesses in the implementation of the 2025 budget, revealing that as of Q3 2025, only ₦18.6 trillion—about 61 per cent of projected revenue—had been realised, while capital releases stood at just 17.7 per cent.

He vowed that 2026 would mark a turning point, directing key economic officials to ensure strict adherence to budget timelines and appropriations.

Tinubu also warned heads of Government-Owned Enterprises (GOEs) to meet their revenue targets, announcing the deployment of end-to-end digital systems to block leakages and enforce compliance.

Key Assumptions and Spending Priorities

The 2026 budget is based on a crude oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the dollar.

Major sectoral allocations include:

• Defence and Security: ₦5.41 trillion
• Infrastructure: ₦3.56 trillion
• Education: ₦3.52 trillion
• Health: ₦2.48 trillion

Tinubu said security spending would focus on modernising the armed forces, intelligence-driven policing, border surveillance, and community-based peacebuilding. He announced a tougher national security doctrine, declaring all armed groups operating outside state authority—along with their financiers and enablers—as terrorists.

Focus on Human Capital and Agriculture

In education, the President highlighted the Nigerian Education Loan Fund, which he said has supported over 418,000 students across 229 tertiary institutions. Health spending, he noted, accounts for about six per cent of the total budget, complemented by over $500 million in grant commitments from international partners, including the United States.

Agriculture also features prominently, with provisions for mechanisation, irrigation, storage, and agro-value chains aimed at boosting food security and reducing post-harvest losses.

“The Greatest Budget Is the One We Deliver”

Tinubu concluded by stressing that the success of the 2026 budget would be measured by delivery, not promises, built around improved revenue mobilisation, smarter spending, and stronger accountability.

“The greatest budget is not the one we announce; it is the one we deliver,” he said, urging cooperation between the Executive and Legislature to realise the goals of the Renewed Hope Agenda.

He then formally laid the 2026 Appropriation Bill before the National Assembly for consideration.

Please do a story from this President Bola Tinubu’s 2026 budget

See Tinubu’s full speech below:

PROTOCOLS

Distinguished Senate President,

Rt. Honourable Speaker and Honourable Members of the House of Representatives,

Distinguished Senators and Honourable Members of the National Assembly,

Fellow Nigerians,

I am happy to be back in a club of great minds, great people, great thinkers and the essence of our democracy. Members of the cabinet that are here, your excellencies the governors, past and present, members of this honourable hallowed chamber.

It is good to be back to a well-familiar terrain. Ladies and gentlemen and fellow Nigerians, I am here today to fulfil an essential constitutional obligation by presenting the 2026 appropriation bill to this esteemed joint session of the National Assembly for your consideration.

Before I go any further, let me be upfront with you. Avoiding abandoned projects, unpaid contractual obligations and running a multiple budget, both inherited and unfulfilled mandate is a problem steering the nation. So we are terminating the habit of ruinning three budgets on one inflow.

By March 31st 2026, all capital liabilities from previous years will be fully funded and closed. From April, Nigeria operates on a single project backed a single revenue cycle – no overlapse, no excuses, no rollover culture. This budget presents a defining moment in our national journey of reform and transformation.

Over the last two and the half years, my government has methodically confronted long standing structural weaknesses, stabilise our economy, rebuild confidence and lay a durable structure for the construction of a more resilient, inclusive and dynamic Nigeria.

No necessary, the reforms have not been painless. Families and businesses have faced pressure, established system have been disrupted and tested. The budget encyscription has been tested as well, I acknowledge these difficulties plainly. Yet I am here today to assure Nigerians that their sacrifices are not in vain.

We are already out of that dark tunnel of uncertainty, economic volatility and lack of inclusiveness, economy and plough has stoned the corner. Though the path of reforms is seldom smooth, but it is the surest rout to lasting stability and shared prosperity. Today I present a budget that consolidate our gains, strengthens our resilience and takes this country out of the dark tunnel of hopelessness, from the survival to growth. The 2026 budget is themed, “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”

It reflects our determination to lock in macroeconomic stability, deepen competitiveness, and ensure that growth translates into decent jobs, rising incomes, and a better quality of life across corner of Nigeria and for every Nigerian.

ECONOMIC REALITIES: SIGNS OF STABILISATION, PURPOSE OF THE NEXT STEP

Mr. Chairman, the leadership of the National Assembly, while the global outlook continues to improve, this budget aims to further strengthen our Nigerian economy to benefit all our citizens.
I am encouraged that our reform efforts are already yielding measurable results:
(a)        Our economy grew by 3.98% in Q3 2025, up from 3.86% in Q3 2024 year in year out.

(b)       Inflation has moderated for eight consecutive months, with headline inflation declining to 14.45% in March 2025. With stabilising food and energy prices, tighter monetary conditions, and improving supply responses, we expect the disinflationary trend to persist over the year 2026 horizon, barring major supply shocks.

(c)        Oil production has improved, supported by enhanced security, technology deployment, and sector reforms.

(d)       Non‑oil revenues have expanded significantly through better tax administration. Thank you for passing the tax bill.

(e)        Investor confidence is returning, reflected in capital inflows, renewed project financing, and strong private‑sector participation.

(f)        Our external reserves rose to a seven‑year high of about US$47 billion as  of last month.  That provides over 10 months of import cover and a stronger buffer against shocks.

These outcomes are not accidental or luck. They are the consequence of our difficult policy choices. Our net objective is to deepen our gains in the pursuit of enduring and inclusive prosperity.

2025 BUDGET PERFORMANCE: LESSONS, ACCOUNTABILITY, AND EXECUTION

Mr Chairman, Distinguished Members, our 2025 budget implementation faced the realities of transition and competing execution demands. As at Q3 2025, we recorded:
(a)        ₦18.6 trillion in revenue—representing 61% of our target, that is poor; and

(b)       ₦24.66 trillion in expenditure—representing 60% of our target.

Following the extension of the 2024 capital budget execution to December 2025, a total of ₦2.23 trillion was released for the implementation of 2024 capital projects as at June 2025.

While fiscal challenges persisted, government met its key obligations. However, only ₦3.10 trillion—about 17.7% of the 2025 capital budget—was released as at Q3, reflecting the emphasis on completing priority 2024 capital projects during the transition period.

Let me be clear: 2026 will be a year of stronger discipline in budget execution. I have issued directives to the Honourable Minister of Finance and Coordinating Minister of the Economy, the Honourable Minister of Budget and Economic Planning, the Accountant‑General of the Federation, and the Director‑General of the Budget Office of the Federation to ensure that the 2026 Budget is implemented strictly in line with the appropriated details and timelines.
We expect improved revenue performance through the new National Tax Acts and the ongoing reforms in the oil and gas sector—reforms designed not merely to raise revenue, but to drive transparency, efficiency, fairness, and long‑term value in our fiscal architecture.

I will also be unequivocal about Government‑Owned Enterprises. Heads of all GOEs are hereby directed to meet their assigned revenue targets. To support this, we will deploy end‑to‑end digitisation of revenue mobilisation—standardised e‑collections, interoperable payment rails, automated reconciliation, data‑driven risk profiling, and real‑time performance dashboards—so leakages are sealed, compliance is verifiable, and remittances are prompt. These targets will form core components of performance evaluations and institutional scorecards. Nigeria can no longer afford leakages, inefficiencies, or underperformance in strategic agencies. Every institution must play its part.

PHILOSOPHY AND OBJECTIVES OF THE 2026 BUDGET

Mr. Chairman and fellow Nigerians, the 2026 Budget is guided by four clear objectives:
(a)        One, consolidate macroeconomic stability;

(b)       Two, improve the business and investment environment;

(c)        Three, promote job‑rich growth and reduce poverty; and

(d)       Four, strengthen human capital while protecting the vulnerable.

In short: we will spend with purpose, manage debt with discipline, and pursue growth that is broad‑based — not narrow — and sustainable — not temporary.

2026 BUDGET OVERVIEW: THE FISCAL FRAMEWORK

Distinguished Members, the 2026 Federal Budget is anchored on realism, prudence, and growth orientation.
The key aggregates are as follows:
(a)        Expected total revenue: ₦34.33 trillion.

(b)       Projected total expenditure: ₦58.18 trillion, including ₦15.52 trillion for debt servicing.

(c)        Recurrent (non‑debt) expenditure: ₦15.25 trillion.

(d)       Capital expenditure: ₦26.08 trillion.

(e)        Budget deficit: ₦23.85 trillion, representing 4.28% of GDP.

These numbers are not just accounting lines. They are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value‑for‑money spending.

The 2026–2028 Medium‑Term Expenditure Framework and Fiscal Strategy Paper sets the parameters for this Budget. Our projections are based on:
(a)        a conservative crude oil benchmark of US$64.85 per barrel;

(b)       crude oil production of 1.84 million barrels per day; and

(c)        an exchange rate of ₦1,400 to the US Dollar for the 2026 fiscal year.

We will continue to reduce waste, strengthen controls, and ensure that every naira borrowed or spent delivers measurable public value — especially in infrastructure, human capital, and security.

PRIORITIES AND ALLOCATIONS: SECURITY, PEOPLE, PRODUCTIVITY

Our allocations reflect the Renewed Hope Agenda and the practical needs of Nigerians. Key sectoral provisions include:
Defence and Security: ₦5.41 trillion
Infrastructure: ₦3.56 trillion
Education: ₦3.52 trillion
Health: ₦2.48 trillion
These priorities are interlinked. Without security, investment will not thrive. Without educated and healthy citizens, productivity will not rise. Without infrastructure, jobs and enterprise will not scale. This is why the Budget is designed as one coherent programme of national renewal.
National Security and Peacebuilding
Security remains the foundation of development. The 2026 Budget strengthens support for:

(a)        modernisation of the Armed Forces;

(b)       intelligence‑driven policing and joint operations;

(c)        border security and technology‑enabled surveillance; and

(d)       community‑based peacebuilding and conflict prevention.

We will invest in security with clear accountability for outcomes—because security spending must deliver security results. To secure our country, our priority will remain on increasing the fighting capability of our armed forces and other security agencies by boosting personnel and procuring cutting-edge platforms and other hardware. We are also pursuing a new era of criminal justice system to stamp out terrorism, banditry, kidnapping for ransom and other violent crimes. Our administration is resetting the national security architecture and establishing a new national counterterrorism doctrine—a holistic redesign anchored on unified command, intelligence, community stability, and counter-insurgency. This new doctrine will fundamentally change how we confront terrorism and other violent crimes that have become existential threats to our corporate survival and have heightened anxiety among our people.
Henceforth, and under this new architecture, any armed group or gun-wielding non-state actors operating outside state authority will be regarded as terrorists. These include bandits, militias, armed gangs, criminal networks with weapons, armed robbers, violent cult groups, forest-based armed collectives, and foreign-linked mercenaries. Groups or individuals conducting violence for political, ethnic, financial, or sectarian objectives are also classified as terrorists.  Members of any group extorting communities, kidnapping civilians, occupying or seeking to occupy territory within Nigeria will be classified as terrorists. The denominator is that if you wield lethal weapons and act outside the state’s authority, you are a terrorist. Any individual or entity that enables the listed groups as financiers, money handlers, harbourers, informants, ransom facilitators, and negotiators will also be classified as terrorists. Political protectors and intermediaries, transporters, arms suppliers, and safe-house owners will be declared as terrorists.  Politicians, traditional rulers, community leaders, and religious leaders who facilitate and encourage violent actions and terror within Nigeria and against our citizens are also terrorists.

Human Capital Development: Education and Health

No nation can grow beyond the quality of its people. The 2026 Budget strengthens investments in education, skills, healthcare, and social protection.

In education, we are expanding access to higher education through the Nigerian Education Loan Fund. Over 418,000 students have been supported, in partnership with 229 tertiary institutions nationwide.

In healthcare, I am pleased to highlight that investment in healthcare is 6% of total budget size, net of liabilities.

We also appreciate the support of international partners. Recent high‑level engagements with the Government of the United States have opened the door to over US$500 million in grant funding for targeted health interventions across Nigeria. We welcome this partnership and assure Nigerians that these resources will be deployed transparently and effectively.

Infrastructure and Economic Productivity

Across the nation, projects under the Renewed Hope Agenda are moving from vision to reality—transport and energy infrastructure, port modernisation, agricultural reforms, and strategic investments that unlock private capital.

We will take decisive steps to strengthen agricultural markets. Food security is national security. The 2026 Budget prioritises input financing and mechanisation; irrigation and climate‑resilient agriculture; storage and processing; and agro‑value chains.

These measures will reduce post‑harvest losses, improve incomes for smallholders, deepen agro‑industrialisation, and build a more resilient, diversified economy.

DELIVERY, DISCIPLINE, AND NATIONAL COMPACT

Distinguished Members and fellow Nigerians, the greatest budget is not the one we announce. It is the one we deliver.
Therefore, 2026 will be guided by three practical commitments:
(a)        Better revenue mobilisation through efficiency, transparency, and compliance—especially from GOEs and improved oil and gas sector governance.

(b)       Better spending: prioritising projects that can be completed, measured, and felt by citizens.

(c)        Better accountability: strengthening procurement discipline, monitoring, and reporting—so Nigerians can see what their money is funding.

This is how we will build trust: by matching our words with results, and our allocations with outcomes.

CONCLUSION: A BUDGET THAT BELONGS TO ALL OF US

Distinguished Members of the National Assembly, fellow Nigerians, the 2026 Budget is not a budget of promises; it is a Budget of Consolidation, Renewed Resilience and Shared Prosperity. It builds on the reforms of the past two and a half years, addresses emerging challenges, and sets a clear path towards a more secure, more competitive, more equitable, and more hopeful Nigeria.
I commend the understanding, sacrifice, and resilience of our people. My administration remains committed to easing the burdens of transition and ensuring that the benefits of reform reach households and communities across the Federation.
With unity of purpose between the Executive and the Legislature—and with the resilience of the Nigerian people—we will deliver the full promise of the Renewed Hope Agenda.
It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly the 2026 Appropriation Bill of the Federal Republic of Nigeria, titled: “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.
May God bless the Federal Republic of Nigeria.

Thank you.