President Bola Ahmed Tinubu, on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, declaring that Nigeria has moved “from survival to growth” after two and a half years of difficult but necessary economic reforms.
The budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” aims to deepen macroeconomic stability, strengthen national security, promote job-rich growth, and protect vulnerable 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,” Tinubu said at the presentation in Abuja.
According to the President, the 2026 budget represents a defining moment in Nigeria’s reform journey.
“Over the last two and a half years, my government has methodically confronted long-standing structural weaknesses, stabilised our economy, rebuilt confidence, and laid a durable foundation for a more resilient, inclusive, and dynamic Nigeria,” he said.
Acknowledges Hardship, Assures Nigerians
President Tinubu acknowledged that the reform process has been painful for many Nigerians but insisted that the sacrifices would yield lasting benefits.
“Though necessary, the reforms have not been painless. Families and businesses have faced pressure… Yet, I am here today to assure Nigerians that their sacrifices are not in vain,” he said.
He added, “The path of reform is seldom smooth, but it is the surest route to lasting stability and shared prosperity.”
The President said recent economic indicators show that the reforms are producing measurable results. He noted that Nigeria’s economy grew by 3.98 per cent in the third quarter of 2025, up from 3.86 per cent in the same period of 2024.
He also announced that inflation has eased significantly.
“Inflation has moderated for eight consecutive months, with headline inflation declining to 14.45 per cent in November 2025, from 24.23 per cent in March 2025,” Tinubu said.
According to him, Nigeria’s external reserves have climbed to a seven-year high of about $47 billion, providing over 10 months of import cover.
“These outcomes are not accidental or lucky. They are the consequence of our difficult policy choices,” the President stressed.
Budget Size and Key Figures
President Tinubu disclosed that the 2026 budget projects ₦34.33 trillion in total revenue, against ₦58.18 trillion in expenditure, including ₦15.52 trillion for debt servicing.
The budget provides ₦26.08 trillion for capital expenditure, while recurrent (non-debt) spending stands at ₦15.25 trillion. The projected deficit of ₦23.85 trillion represents 4.28 per cent of GDP.
“These numbers are not mere accounting lines. They are a statement of national priorities,” Tinubu said, assuring that his administration remains committed to fiscal sustainability and value-for-money spending.
Security Tops Priority List
National security received the largest sectoral allocation, with ₦5.41 trillion earmarked for defence and security.
“National security remains the foundation of development,” the President said, adding that security spending would be tied to clear accountability and outcomes.
He warned that armed non-state actors would face decisive action.
“Any armed group or gun-wielding non-state actors operating outside state authority will be regarded as terrorists,” Tinubu declared.
“We will show no mercy to those who commit or support acts of terrorism, banditry, kidnapping for ransom and other violent crimes.”
Education, Health, Infrastructure
The budget allocates ₦3.52 trillion to education, ₦2.48 trillion to health, and ₦3.56 trillion to infrastructure.
Tinubu said over 788,000 students have already benefited from the Nigerian Education Loan Fund, while healthcare investment now accounts for six per cent of the total budget, excluding liabilities.
He also revealed that Nigeria has secured over $500 million in health intervention support from the United States.
“We welcome this partnership and assure Nigerians that these resources will be deployed transparently and effectively,” he said.
Commitment to Better Implementation
President Tinubu pledged stricter discipline in budget execution in 2026, saying directives have been issued to key finance and budget officials to ensure compliance with approved timelines and allocations.
“2026 will be a year of stronger discipline in budget execution,” he declared.
He concluded by calling on lawmakers to support the budget in the national interest.
“The most significant budget is not the one we announce. It is the one we deliver,” Tinubu said.
“It is, therefore, with great pleasure that I lay before this distinguished Joint Session of the National Assembly the 2026 Appropriation Bill of the Federal Republic of Nigeria.”
