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Tinubu Presents ₦58.18trn 2026 Budget to NASS, Defence Gets ₦5.41trn
President Bola Ahmed Tinubu on Friday presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly, with defence and security emerging as the single largest sectoral allocation at ₦5.41 trillion.
The proposal, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” pegs capital expenditure at ₦26.08 trillion, while recurrent (non-debt) spending stands at ₦15.25 trillion. Tinubu set the crude oil benchmark at US$64.85 per barrel, oil production at 1.84 million barrels per day, and an exchange rate of ₦1,400 to the US dollar.
According to the president, the 2026 budget projects total revenue of ₦34.33 trillion, with ₦15.52 trillion earmarked for debt servicing. The deficit is estimated at ₦23.85 trillion, representing 4.28 per cent of Gross Domestic Product (GDP).
Sectoral Allocations
A breakdown of the proposal shows that after defence and security, infrastructure received ₦3.56 trillion, education was allocated ₦3.52 trillion, while health got ₦2.48 trillion.
Addressing lawmakers, Tinubu said the figures reflect clear national priorities rather than mere accounting entries.
“This budget is not just accounting lines; they are a statement of national priorities,” he said. “We remain firmly committed to fiscal sustainability, debt transparency, and value-for-money spending.”
Focus on Security
The presentation comes amid persistent insecurity across parts of the country, including mass abductions and violent crimes. Tinubu stressed that security remains the bedrock of development, outlining plans to modernise the Armed Forces, strengthen intelligence-driven policing, enhance border security, and deploy technology-enabled surveillance alongside community-based peacebuilding.
“We will invest in security with clear accountability for outcomes because security spending must deliver security results,” the president said, adding that his administration would boost personnel strength and procure cutting-edge military hardware.
Economy and Reforms
Reflecting on key reforms since assuming office in May 2023 particularly the removal of fuel subsidy and the floating of the naira, which initially fuelled inflation Tinubu acknowledged the hardships faced by Nigerians but insisted the economy has begun to stabilise.
“I acknowledge these difficulties plainly, and I assure Nigerians that their sacrifices are not in vain,” he said. “The path of reform is seldom smooth, but it is the surest route to lasting stability and shared prosperity.”
Agriculture and Food Security
The president also underscored agriculture and food security as central pillars of the 2026 budget, describing them as strategic investments capable of unlocking private capital.
He said the budget prioritises input financing, mechanisation, irrigation, climate-resilient agriculture, storage and processing, and agro-value chains, with the aim of reducing post-harvest losses, improving smallholder incomes, deepening agro-industrialisation, and building a more diversified and resilient economy.
“Food security is national security,” Tinubu declared, assuring Nigerians that better days lie ahead under sustained economic reforms and targeted investments.
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