…The President said “The most important budget is not the one we announce, but the one we deliver,”
ABUJA, NIGERIA- The iNews Times | President Bola Tinubu on Friday laid the ₦58.18 trillion 2026 budget before a joint sitting of the National Assembly, outlining tougher security measures, tighter fiscal discipline and far-reaching economic reforms.
In the address, the President declared that all armed groups operating outside the authority of the state would henceforth be classified and treated as terrorists, signalling a more aggressive national security posture.
The spending plan, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is designed to consolidate recent macroeconomic improvements, rebuild investor confidence and convert economic recovery into employment opportunities and better living conditions for Nigerians.
Tinubu began his presentation at 3:31 p.m. and was still delivering his speech as of 4:02 p.m., stating that he was appearing before lawmakers in fulfilment of his constitutional responsibility to present the 2026 Appropriation Bill. He described the moment as a defining phase in Nigeria’s reform journey, acknowledging the hardship caused by reforms over the past two and a half years while assuring citizens that their sacrifices would yield results.
The President said the economy was gradually stabilising, citing a 3.98 per cent GDP growth in the third quarter of 2025, sustained moderation of inflation for eight consecutive months to 14.45 per cent in November 2025, improved oil output, stronger non-oil revenue performance and growing investor confidence.
He disclosed that external reserves had risen to about $47 billion by mid-November 2025—the highest level in seven years, providing more than ten months of import cover.
“These outcomes are not accidental; they are the result of tough but deliberate policy decisions,” Tinubu said, adding that the next challenge was to ensure stability translated into broad-based prosperity.
Under the proposal, total revenue is estimated at ₦34.33 trillion, while total expenditure stands at ₦58.18 trillion, including ₦15.52 trillion earmarked for debt servicing. Recurrent non-debt spending is projected at ₦15.25 trillion, capital expenditure at ₦26.08 trillion, while the budget deficit of ₦23.85 trillion represents 4.28 per cent of GDP.
Key assumptions include an oil benchmark of $64.85 per barrel, daily production of 1.84 million barrels and an exchange rate of ₦1,400 to the dollar.
According to Tinubu, the figures reflect national priorities and underscore the government’s commitment to fiscal sustainability, debt transparency and efficient spending.
Security accounts for the largest sectoral allocation at ₦5.41 trillion, followed by infrastructure with ₦3.56 trillion, education at ₦3.52 trillion and health at ₦2.48 trillion.
Unveiling a revamped security doctrine, the President said Nigeria was adopting a unified counter-terrorism framework. He warned that bandits, militias, kidnappers, armed gangs, violent cult groups, forest-based armed groups and foreign-linked mercenaries would all be treated as terrorists.
He added that anyone financing, supplying arms, facilitating ransom payments or offering political, communal or religious cover for such groups would also face terrorist designation.
Tinubu acknowledged challenges in implementing the 2025 budget, noting that by the third quarter of 2025, ₦18.6 trillion in revenue (61 per cent of the target) and ₦24.66 trillion in expenditure (60 per cent of the target) had been recorded. Only ₦3.10 trillion, about 17.7 per cent of the capital budget had been released by that time.
He pledged stricter budget execution in 2026, directing finance and budget officials to adhere strictly to appropriations and timelines. Heads of government-owned enterprises were ordered to meet revenue targets, supported by full digitisation to curb leakages.
“Nigeria can no longer tolerate inefficiency or underperformance in critical agencies,” he warned.
The President said the government would deepen investment in education and health, revealing that over 418,000 students have benefited from the Nigerian Education Loan Fund in partnership with 229 tertiary institutions. Health spending, he said, accounts for six per cent of the budget, excluding liabilities, with more than $500 million in potential U.S. grant funding for targeted interventions.
On agriculture, Tinubu said priority would be given to mechanisation, irrigation, climate-smart farming, storage facilities and agro-value chains to reduce post-harvest losses and raise smallholder incomes.
The President said “The most important budget is not the one we announce, but the one we deliver,” pledging improved revenue mobilisation, smarter expenditure and stronger accountability.
As he formally laid the bill before lawmakers, Tinubu said the 2026 budget belongs to all Nigerians and expressed confidence that cooperation between the executive and legislature would advance the Renewed Hope Agenda.
“It is with great pleasure that I present the 2026 Appropriation Bill of the Federal Republic of Nigeria,” he concluded. “May God bless the Federal Republic of Nigeria.”
