President Bola Ahmed Tinubu on Thursday presented a ₦58.47 trillion 2026 Appropriation Bill to a joint session of the National Assembly, with a focus on easing economic pressures, strengthening national security and driving inclusive growth.
The proposal, tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” outlines a capital and recurrent (non-debt) expenditure of ₦15.25 trillion, while total capital expenditure is pegged at ₦26.08 trillion.
President Tinubu anchored the budget 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 US dollar for the 2026 fiscal year.
Sectoral allocations show that defence and security received the highest share at ₦5.41 trillion, reflecting ongoing security challenges across the country. Infrastructure followed with ₦3.56 trillion, while education was allocated ₦3.52 trillion. The health sector received ₦2.48 trillion.
Tinubu arrived at the National Assembly complex at exactly 3:00pm and was received by principal officers of the legislature before proceeding to the House of Representatives chamber for the presentation.
Present at the event were Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, the National Chairman of the All Progressives Congress (APC), as well as other lawmakers and top government officials.
Earlier, the Federal Executive Council (FEC) had approved the 2026 budget proposal, paving the way for its presentation to the National Assembly in line with constitutional provisions.
The budget is expected to undergo scrutiny by lawmakers, including debates, committee reviews and possible amendments, before final passage and assent.
Nigeria’s annual budget presentation marks the beginning of the legislative process for approving government spending for the coming fiscal year. Under the Constitution, the President presents the appropriation bill to the National Assembly, which has the power to review, adjust and approve the estimates.
The 2026 budget comes amid continued economic reforms by the Tinubu administration, including fuel subsidy removal, foreign exchange market adjustments and efforts to stabilise inflation, boost revenue and reduce fiscal deficits.
Recent budgets under the administration have prioritised security, infrastructure development, social services and economic diversification, as the government seeks to strengthen resilience and promote shared prosperity in a challenging global and domestic economic environment.
