President Bola Tinubu yesterday presented the 2026 Appropriation Bill of ¦58.18 trillion to a joint session of the National Assembly, describing it as the “Budget of Consolidation, Renewed Resilience and Shared Prosperity.” He said the budget reflects two and a half years of “painful but necessary” reforms aimed at macroeconomic stability, job creation, and inclusive growth.
The budget, representing 3.87% of Nigeria’s GDP, targets revenue of N34.33 trillion to fund total expenditure of N58.18 trillion, including N15.52 trillion for debt servicing, N15.25 trillion for recurrent spending, and N26.08 trillion for capital expenditure. Assumptions include a crude oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of N1,400/$. Tinubu assured that multiple budget implementations will end by March 31, 2026, ensuring completion of all 2025 contracts and payments to contractors.
On security, the President declared that all armed groups operating outside state authority would henceforth be treated as terrorists. He outlined measures to categorise bandits, militias, kidnappers, violent cult groups, and foreign-linked mercenaries as terrorists, warning that anyone aiding them—including financiers, political protectors, and community leaders—would face similar designation.
Tinubu highlighted economic progress, noting Q3 2025 GDP growth of 3.98%, inflation moderation to 14.45% in November 2025, improved oil production, rising non-oil revenues, and investor confidence. He revealed external reserves at a seven-year high of $47 billion, covering over 10 months of imports, emphasizing that the gains result from deliberate policy choices.
Revenue mobilisation, fiscal discipline, and digitisation of government-owned enterprises will be strengthened to curb inefficiencies and revenue leakages. Investments in education and health, including over 418,000 beneficiaries of the Nigerian Education Loan Fund and six percent of the budget allocated to health interventions, remain priorities. Agriculture will be enhanced through mechanisation, irrigation, climate-resilient farming, and agro-value chains.
President Tinubu concluded that the greatest budget is not just announced but delivered, stressing cooperation between the Executive and Legislature to consolidate gains, convert stability into prosperity, and ensure shared prosperity for all Nigerians. The Senate President, Godswill Akpabio, and House Speaker praised Tinubu’s fiscal discipline and commitment to national renewal.
