President Bola Tinubu has laid before a joint sitting of the National Assembly a proposed ₦58.47 trillion budget for the 2026 fiscal year.
The proposal, presented on Friday, earmarks ₦26.08 trillion for capital expenditure, while recurrent (non-debt) spending stands at ₦15.25 trillion. The crude oil benchmark was set at US$64.85 per barrel.
According to the president, the budget projects total revenue of ₦34.33 trillion against an overall expenditure of ₦58.18 trillion, which includes ₦15.52 trillion allocated for debt servicing. The resulting deficit of ₦23.85 trillion represents about 4.28 percent of Nigeria’s GDP.
The estimates are based on an assumed oil production level of 1.84 million barrels per day and an exchange rate of ₦1,400 to the US dollar for 2026.
Sectoral allocations show defence and security receiving 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.
Tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” Tinubu told lawmakers that the proposal goes beyond figures on paper.
“These numbers reflect our national priorities,” he said, adding that his administration remains committed to fiscal discipline, transparent debt management, and ensuring value for public spending.
More details to come.
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