President Bola Ahmed Tinubu on Friday presented the 2026 budget proposal totaling N54.46 trillion to a joint session of the National Assembly, outlining plans for revenue, expenditure, and development priorities for the upcoming fiscal year.
According to the proposal, the government expects a total revenue of N34.33 trillion, while projected total expenditure is N58.18 trillion, including N15.52 trillion for debt servicing. Recurrent expenditure is estimated at N15.25 trillion, and capital expenditure is set at N26.08 trillion.
The presentation also revealed a budget deficit of N23.85 trillion, representing 4.28 percent of Nigeria’s GDP, which the president said is necessary to maintain developmental priorities, infrastructure investment, and social interventions.
A breakdown of the proposal shows that defence and security received the largest share of the budget at N5.41 trillion, followed by infrastructure with N3.56 trillion, education at N3.52 trillion, and health with N2.48 trillion.
Tinubu while presenting the bill noted that the 2026 Budget is not a budget of promises but a “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.
“It builds on the reforms of the past two and a half years, addresses emerging challenges, and sets a clear path towards a more secure, more competitive, more equitable, and more hopeful Nigeria,” he said.
According to President Tinubu, the figures are more than mere accounting lines; they represent a statement of national priorities, reflecting the government’s commitment to fiscal sustainability, debt transparency, and value-for-money spending.
He emphasized that the 2026 budget will focus on delivering results rather than just being announced, with a key priority on better revenue mobilisation through efficiency, transparency, and compliance, particularly from Government-Owned Enterprises and the oil and gas sector.
