President Bola Ahmed Tinubu on Friday presented 2026 federal budget of N58.18 trillion to the National Assembly.
Gatekeepers News reports that the president allocated N5.41 trillion to defence and security, about 9.3 percent of total expenditure.
The budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” underscores the administration’s focus on security, economic growth, and equitable development.
Tinubu said the budget reflects a commitment to macroeconomic stability, competitiveness, and inclusive growth.
He highlighted key figures, including total expected revenue of N34.33 trillion, projected total expenditure of N58.18 trillion, recurrent (non-debt) expenditure of N15.25 trillion, and capital expenditure of N26.08 trillion.
The proposed budget carries a deficit of N23.85 trillion, or 4.28 percent of GDP, in line with the administration’s fiscal framework.
Tinubu said, “These numbers are not just accounting lines. They are a statement of national priorities. We remain committed to fiscal sustainability, debt transparency, and value-for-money spending.”
He explained that the Medium-Term Expenditure Framework and Fiscal Strategy Paper guides the budget, based on conservative assumptions: crude oil price at US$64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of N1,400 to the US dollar.
The President said the budget prioritises healthcare, allocating 6 percent of funds, alongside infrastructure, agriculture, and private sector investment to boost food security and economic resilience.
Key agricultural focus areas include input financing, mechanisation, irrigation, storage, and agro-value chains to reduce post-harvest losses and increase farmers’ incomes.
Tinubu stressed that security, infrastructure, and human capital are interlinked with economic growth. He said, “Without security, investment will not thrive. Without educated and healthy citizens, productivity will not rise. Without infrastructure, jobs and enterprise will not scale.”
He noted that the 2026 budget builds on past reforms to strengthen national security, competitiveness, and shared prosperity.
The appropriation represents a 5.8 percent increase over the N54.99 trillion 2025 budget, reflecting the administration’s continued commitment to economic stability and development.
