President Bola Tinubu has presented the 2026 federal budget of N58.18 trillion, with N5.41 trillion allocated to defence and security, which represents approximately 9.3 percent of the total expenditure.
Presenting the budget themed ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’ on Friday to the national assembly, Tinubu said that without security, investment cannot thrive.
The president said the 2026 budget reflects the administration’s determination to lock in macroeconomic stability, deepen competitiveness, and ensure growth benefits all Nigerians.
Tinubu said the 2026 budget is anchored on “realism, prudence, and growth orientation,” highlighting the key aggregates: expected total revenue of N34.33 trillion, projected total expenditure of N58.18 trillion, recurrent (non-debt) expenditure of N15.25 trillion, and capital expenditure of N26.08 trillion.
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The budget carries a deficit of N23.85 trillion, representing 4.28 percent of GDP, which the president said is aligned with his administration’s fiscal framework.
“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,” he said.
“The 2026–2028 Medium‑Term Expenditure Framework and Fiscal Strategy Paper sets the parameters for this budget. Our projections are based on a conservative crude oil benchmark of US$64.85 per barrel; crude oil production of 1.84 million barrels per day; and an exchange rate of N1,400 to the US Dollar for the 2026 fiscal year.”
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Tinubu said the budget prioritises healthcare with 6 percent of allocations, alongside infrastructure, agricultural reforms, and private investment to boost food security and economic resilience.
He further said key focus areas include input financing, mechanisation, irrigation, storage, and agro-value chains to reduce post-harvest losses and improve incomes.
“These priorities are interlinked. Without security, investment will not thrive. Without educated and healthy citizens, productivity will not rise,” he said.
“Without infrastructure, jobs and enterprise will not scale. This is why the budget is designed as one coherent programme of national renewal.”
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Tinubu added that the budget aims for consolidation, renewed resilience, and shared prosperity, building on past reforms to create a more secure and competitive Nigeria.
The proposed 2026 budget represents a 5.8 percent increase over the N54.99 trillion 2025 appropriation signed into law by Tinubu.
