President Bola Tinubu has presented a N58.18 trillion 2026 budget to a joint session of the National Assembly on Friday.
Tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, the proposal seeks to lock in recent macroeconomic gains, restore investor confidence and translate recovery into jobs and improved living standards for Nigerians.
The total revenue of the budget is projected at ₦34.33 trillion, while total expenditure stands at ₦58.18 trillion, including ₦15.52 trillion for debt servicing. Recurrent (non-debt) spending is put at ₦15.25 trillion, while capital expenditure totals ₦26.08 trillion. The budget deficit of ₦23.85 trillion represents 4.28 per cent of GDP.
The assumptions underpinning the budget include a crude oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of ₦1,400/$.
Mr Tinubu, who began his speech at 3.31 pm, said, “I appear before this Joint Session of the National Assembly, in fulfilment of my constitutional duty, to present the 2026 Appropriation Bill.”
He described the moment as “defining” in Nigeria’s reform journey. He acknowledged the pains of reforms over the last two and a half years but assured citizens that “their sacrifices are not in vain.”
The President said Nigeria’s economy was showing clear signs of stabilisation, citing 3.98 per cent GDP growth in Q3 2025, moderation in inflation for eight consecutive months to 14.45 per cent in November 2025, improved oil production, stronger non-oil revenues and rising investor confidence.
External reserves, he disclosed, climbed to a seven-year high of about $47 billion as of mid-November 2025, providing over 10 months of import cover.
“These outcomes are not accidental. They reflect difficult but deliberate policy choices,” Tinubu said, adding that the task ahead was to ensure that “stability becomes prosperity, and prosperity becomes shared prosperity.”
