President Bola Ahmed Tinubu on Friday presented a ₦58.47 trillion draft budget for the 2026 fiscal year to a joint session of the National Assembly.
The proposal outlines capital and recurrent (non-debt) expenditure of ₦15.25 trillion, with capital expenditure alone estimated at ₦26.08 trillion.
According to the president, the budget is based 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.
Tinubu disclosed that the Federal Government expects total revenue of ₦34.33 trillion, while projected expenditure stands at ₦58.18 trillion, inclusive of ₦15.52 trillion earmarked for debt servicing. The resulting fiscal deficit of ₦23.85 trillion represents 4.28 per cent of Gross Domestic Product (GDP).
In sectoral allocations, defence and security received the highest share at ₦5.41 trillion, followed by infrastructure with ₦3.56 trillion. Education was allocated ₦3.52 trillion, while the health sector received ₦2.48 trillion.
The 2026 proposal, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” was described by the president as more than a fiscal document.
“This budget is not just about accounting lines; it is a statement of our national priorities,” Tinubu told lawmakers.
He reaffirmed the administration’s commitment to fiscal sustainability, debt transparency, and value-for-money spending.
