President Bola Ahmed Tinubu has presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to a joint sitting of the National Assembly, with defence and security topping sectoral allocations at ₦5.41 trillion.
Tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the proposal reflects the administration’s emphasis on tackling insecurity, strengthening infrastructure and investing in human capital.
According to details of the budget, capital expenditure is estimated at ₦26.08 trillion, while recurrent (non-debt) spending is put at ₦15.25 trillion. The framework is based on a crude oil benchmark of $64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar.
The President disclosed that total revenue for 2026 is projected at ₦34.33 trillion, with ₦15.52 trillion set aside for debt servicing. The proposed deficit stands at ₦23.85 trillion, equivalent to 4.28 per cent of the nation’s Gross Domestic Product (GDP).
After defence and security, infrastructure received the second-largest allocation of ₦3.56 trillion, followed by education with ₦3.52 trillion and health with ₦2.48 trillion.
Addressing lawmakers, Tinubu said the budget represents more than financial estimates, stressing that it reflects the government’s strategic priorities and long-term vision.
“This budget is not just a collection of accounting lines; it is a statement of national priorities,” he said, reaffirming his administration’s commitment to fiscal discipline, transparency in debt management and prudent public spending.
The President noted that persistent security challenges informed the heavy investment in defence, describing security as the foundation for sustainable development. He highlighted ongoing initiatives, including the modernisation of the Armed Forces, intelligence-driven policing, joint security operations, enhanced border control and technology-based surveillance.
“We will invest in security with clear accountability for outcomes, because security spending must deliver security results,” Tinubu stated, adding that his government would continue to strengthen manpower and equip security agencies with modern tools.
On the economy, the President acknowledged the hardships arising from recent reforms such as the removal of fuel subsidy and the floating of the naira but maintained that the measures are yielding stabilising effects.
“I acknowledge these difficulties plainly, and I assure Nigerians that their sacrifices are not in vain,” he said.
Tinubu also pledged increased funding for infrastructure and agriculture, describing food security as a national security priority. He said the 2026 budget focuses on mechanisation, irrigation, climate-smart farming, storage, processing and agro-value chains to reduce post-harvest losses, boost farmers’ incomes and promote agro-industrial growth.
According to him, the overall objective is to build a more resilient, diversified and sustainable Nigerian economy.
