Tinubu Unveils ₦58.18trn 2026 Budget, Targets Growth and Security Reset

President Bola Ahmed Tinubu on Friday presented the 2026 Appropriation Bill to a joint session of the National Assembly, proposing a ₦58.18 trillion spending plan built on a crude oil benchmark of $64.85 per barrel, a daily production target of 1.84 million barrels, and an exchange rate of ₦1,400 to the US dollar for the fiscal year.

Tinubu said the government expects ₦34.33 trillion in revenue against a total expenditure of ₦58.18 trillion, with ₦15.52 trillion earmarked for debt servicing, ₦15.25 trillion for recurrent non-debt spending, and ₦26.08 trillion allocated to capital projects. He added that the projected deficit stands at ₦23.85 trillion, representing 4.28 per cent of GDP.

Describing the budget as realistic and growth-driven, the president noted that Nigeria’s external reserves had risen to a seven-year high of $47 billion as of November 14, offering more than ten months of import cover. He also announced a comprehensive overhaul of the national security architecture anchored on a new counterterrorism doctrine aimed at resetting Nigeria’s defence framework.

In his remarks, Senate President Godswill Akpabio commended Tinubu’s economic direction and urged national support as the administration works to address high living costs, unemployment, and insecurity. He praised the president’s swift defence of democracy in the Benin Republic, warning that threats to freedom anywhere place it at risk everywhere.

The 2026 budget will run concurrently with the existing 2024–2025 cycles ending in March 2026 and is structured around fiscal sustainability, economic expansion, and national security.