*Defence and Security: ₦5.41 trillion
• Infrastructure: ₦3.56 trillion
• Education: ₦3.52 trillion
• Health: ₦2.48 trillion
-Warns that Nigeria can no longer operate multiple budgets
IGNATIUS OKOROCHA, Abuja
President Bola Ahmed Tinubu on Friday presented a budget estimate of N58.18 trillion to a joint session of the Senate and House of Representatives for the year 2026.
According to President Tinubu, the 2026 budget is tagged a “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” noting that 2026 Federal Budget is anchored on realism, prudence, and growth orientation.
This is as the President has warned that the country will no longer operate multiple budget flowing 2024-2026, stressing that whatever carry over from previous budgets will terminate in April 2026.
Meanwhile, key aggregates of 2026 budget proposal are as follows:
N34.33trillion expected total revenue and N15.52 trillion for debt servicing.
Further breakdown of the budget are as follows:
Recurrent (non‑debt) expenditure: ₦15.25 trillion.
(d) Capital expenditure: ₦26.08 trillion.
(e) Budget deficit: ₦23.85 trillion, representing 4.28% of GDP.
18. 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.
He noted that the 2026–2028 Medium‑Term Expenditure Framework and Fiscal Strategy Paper.
Major parameters for the Budget are as follows:
(a) 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.
He cautioned that, “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.”
Meanwhile, President Tinubu noted that the 2026–2028 Medium‑Term Expenditure Framework and Fiscal Strategy Paper sets the parameters for this Budget.
The 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.
Further breakdown of the budget reveals Key sectoral provisions include:
• Defence and Security: ₦5.41 trillion
• Infrastructure: ₦3.56 trillion
• Education: ₦3.52 trillion
• Health: ₦2.48 trillion
Prior to presenting the 2026 budet estimate Tinubu explained that 2025 budget implementation faced the realities of transition and competing execution demands.
Noting that as at three quarter of 2025, we recorded:
(a) ₦18.6 trillion in revenue—representing 61% of our target; and
(b) ₦24.66 trillion in expenditure—representing 60% of our target.
He added that,”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.”
He warned heads of Economic managers saying:
“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.”
He noted that,”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.”
Continuing he said,”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
The President said,”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.”
Continuning he said,”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.
Better spending: prioritising projects that can be completed, measured, and felt by citizens.
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.
For a better society
Follow us across our platforms:
Instagram – https://www.instagram.com/championnewsonline/
Facebook – https://web.facebook.com/championnewsonline
LinkedIn – https://www.linkedin.com/company/champion-newspapers-limited/
https://x.com/championnewsng/
You can also like and comment on our YouTube videos.
https://youtu.be/QIBfD1tT80w?si=R4Qf3so2LxYu3GC2
