President Bola Tinubu on Friday presented the 2026 budget to the National Assembly with a N23.85 trillion deficit.
In his address, the President said the 2026 budget aims to consolidate reforms and promote sustainable, inclusive growth nationwide.
The Federal Executive Council (FEC) earlier approved N58.47 trillion budget proposal for the 2026 fiscal year.
What Tinubu said
Tinubu said the proposal shows commitment to fiscal discipline, stability, job creation, poverty reduction, and protecting the vulnerable.
“In short: we will spend with purpose, manage debt with discipline, and pursue growth that is broad‑based — not narrow — and sustainable — not temporary,” the president noted.
He said the 2026 budget focuses on stability, better business environment, job-rich growth, poverty reduction, and human capital development.
Tinubu noted that expected total revenue for 2026 is projected at N34.33 trillion.
He said the total expenditure is estimated at N58.18 trillion, including N15.52 trillion earmarked for debt servicing.
The 2026 budget prioritises security, infrastructure, and human capital, allocating N5.41 trillion to defence, N3.56 trillion to infrastructure, N3.52 trillion to education, and N2.48 trillion to health.
He said the budget’s assumptions are conservative, with a $64.85 oil price, 1.84 million bpd production, and N1,400/$ exchange rate.
“These numbers are not just accounting lines. They are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value‑for‑money spending,” the president said.
The President stressed strict budget discipline, saying key economic officials have been directed to adhere closely to approved spending details and timelines.
“Let me be clear: 2026 will be a year of stronger discipline in budget execution,” Tinubu said.
What you should know
Nairametrics reports that President Tinubu presented the 2026 budget without releasing the 2025 performance report, raising concerns over transparency and accountability.
The concern is compounded by what analysts describe as Nigeria’s highly irregular practice of effectively running multiple budgets at the same time.
- In 2023 and 2024, the Federal Government operated main budgets alongside supplementary appropriations, while carrying over unimplemented components.
- Nigeria is executing the 2025 budget, parts of the 2024 supplementary budget, and unfinished 2024 budget items—three overlapping budgets in one year—highlighting serious execution and financing issues.
- Earlier today, Nairametrics reported that the President asked the House of Representatives to repeal and re-enact the 2024 and 2025 budgets and extend the 2025 budget to 31 March 2026.
In June, the Senate approved a second extension of the implementation period for the 2024 capital component of the national budget, from June 30, 2025, to December 31, 2025.
