President Bola Ahmed Tinubu on Friday presented the N58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, declaring that the budget is built around macroeconomic stability, job creation and poverty reduction. Unveiling the proposal titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the President described it as a turning point in Nigeria’s reform journey. He acknowledged that the economic reforms of the past two and a half years have been tough on citizens but insisted that the sacrifices are beginning to yield results. “Today, I present a budget that consolidates our gains, strengthens our resilience and takes Nigeria from survival to growth,” Tinubu told lawmakers, stressing that economic expansion must translate into real improvements in people’s lives through better jobs, rising incomes and improved living standards. According to the President, the 2026 budget is guided by four key goals: sustaining macroeconomic stability, improving the business climate, promoting job-rich growth while reducing poverty, and strengthening human capital development with protection for vulnerable Nigerians. He assured that government spending would be purposeful, debt managed responsibly and growth pursued in a sustainable and inclusive way. The budget proposes total expenditure of N58.18 trillion against projected revenue of N34.33 trillion, leaving a deficit of N23.85 trillion, equivalent to 4.28 per cent of GDP. Capital spending is estimated at N26.08 trillion, recurrent non-debt expenditure at N15.25 trillion, while debt servicing will consume N15.52 trillion. “These figures are not just numbers. They reflect our national priorities,” Tinubu said. Sectoral allocations show a strong focus on security and social development, with N5.41 trillion earmarked for defence and security, N3.56 trillion for infrastructure, N3.52 trillion for education and N2.48 trillion for health. Tinubu explained that without security, investment cannot thrive; without education and healthcare, productivity will remain low; and without infrastructure, businesses and jobs cannot grow. On security, the President announced a major overhaul of Nigeria’s national security framework, including the introduction of a new counterterrorism doctrine based on unified command, intelligence coordination, community stability and counter-insurgency. He declared that all armed groups operating outside the authority of the state would be treated as terrorists, including bandits, militias, violent cults and foreign-linked mercenaries. Tinubu also warned that those who fund, sponsor or facilitate violence for political or sectarian reasons would be pursued relentlessly, vowing that the government would show “no mercy” to terrorists, bandits and kidnappers. On budget implementation, the President promised stricter discipline in 2026, saying he had directed finance and budget officials to adhere strictly to approved timelines and allocations. “The most important budget is not the one we announce, but the one we deliver,” he said. Earlier on Friday, the Federal Executive Council (FEC), chaired by Vice President Kashim Shettima, approved a slightly higher aggregate expenditure of N58.47 trillion for 2026 and endorsed a revision of the exchange rate assumption in the Medium-Term Expenditure Framework (MTEF) to N1,400 per dollar. Briefing journalists after the meeting, the Minister of Information and National Orientation, Mohammed Idris, said the Council approved the budget after detailed deliberations. The Director-General of the Budget Office, Tanimu Yakubu, explained that the approved framework includes N4.98 trillion in projected spending by government-owned enterprises and N1.37 trillion for grants and donor-funded projects. Statutory transfers are estimated at N4.1 trillion, while debt service remains at N15.52 trillion, including N3.39 trillion set aside for a sinking fund. Personnel costs, including pensions, are projected at N10.75 trillion, while overhead costs stand at N2.22 trillion. Capital expenditure under the approved framework is pegged at N25.68 trillion, slightly lower than in 2025, reflecting a focus on completing ongoing projects rather than starting new ones. Non-oil revenues are expected to account for about two-thirds of total government income, signalling a continued shift away from oil dependence. The Council also approved amendments to the MTEF, including the revised exchange rate assumption, which informed adjustments to the overall budget size before its transmission to the National Assembly for consideration.
