President Bola Ahmed Tinubu has presented the ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, unveiling a detailed plan aimed at boosting Nigeria’s economy, strengthening security, and improving living standards. Tagged “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the 2026 proposal reflects the administration’s focus on fiscal discipline, economic reforms, and national stability. Speaking in Abuja on Friday, Tinubu acknowledged the economic challenges Nigerians have faced over the past two and a half years but noted signs of recovery. He highlighted that GDP growth reached 3.98 per cent in the third quarter of 2025, inflation has eased for eight consecutive months to 14.45 per cent in November, and Nigeria’s external reserves have risen to $47 billion—the highest in seven years—providing over ten months of import cover. The budget projects total revenue at ₦34.33 trillion and total expenditure at ₦58.18 trillion. Debt servicing is pegged at ₦15.52 trillion, non-debt recurrent expenditure at ₦15.25 trillion, and capital spending at ₦26.08 trillion. The budget deficit is estimated at ₦23.85 trillion, equivalent to 4.28 per cent of GDP. Assumptions include a crude oil price of $64.85 per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar. Security remains the top priority with an allocation of ₦5.41 trillion, followed by infrastructure (₦3.56 trillion), education (₦3.52 trillion), and health (₦2.48 trillion). Tinubu stressed a tougher approach to national security, declaring that all armed groups operating outside government authority—including bandits, kidnappers, militias, violent cult groups, and their sponsors—will be classified as terrorists and face decisive action. The President also pledged stricter budget execution, directing ministries, departments, and government agencies to meet revenue targets and eliminate leakages through full digitisation. In other sectors, Tinubu highlighted investments in education, healthcare, and agriculture, noting that over 418,000 students have benefited from the education loan scheme, while agricultural reforms will focus on mechanisation, irrigation, and food security. He called on lawmakers to support the budget, emphasising that collaboration between the executive and legislature is key to delivering the Renewed Hope Agenda. “The true value of a budget is not in its announcement, but in its delivery,” Tinubu said as he formally submitted the bill to the National Assembly.
