Tinubu presents N58.18trn 2026 budget, earmarks N5.41trn for security
President Bola Tinubu on Friday presented the 2026 federal budget proposal of N58.18 trillion to the National Assembly, allocating N5.41 trillion to defence and security projects about 9.3 per cent of total spending.
The president said the proposed spending plan, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” underscores the administration’s focus on stabilising the economy, strengthening competitiveness, and ensuring inclusive growth.
According to Tinubu, the government’s development agenda hinges on improved security, noting that investment and economic expansion cannot flourish in an unsafe environment.
Outlining the budget framework, he said total revenue is projected at N34.33 trillion, while overall expenditure is estimated at N58.18 trillion. Recurrent (non-debt) spending stands at N15.25 trillion, with capital expenditure pegged at N26.08 trillion.
The proposal includes a fiscal deficit of N23.85 trillion, equivalent to 4.28 per cent of GDP, which Tinubu said remains consistent with the administration’s fiscal strategy.
“These figures are more than just numbers; they reflect our national priorities,” the president said. “We are committed to fiscal discipline, transparency in debt management, and ensuring value for money in public spending.”
The budget assumptions are based on the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, with projections anchored on a crude oil price benchmark of $64.85 per barrel, daily oil production of 1.84 million barrels, and an exchange rate of N1,400 to the dollar.
Tinubu noted that healthcare will receive 6 per cent of total allocations, alongside significant investments in infrastructure, agriculture, and policies aimed at attracting private capital to enhance food security and economic resilience.
He said the agricultural strategy will focus on input financing, mechanisation, irrigation, storage facilities, and agro-value chains to curb post-harvest losses and raise farmers’ incomes.
“These priorities are interconnected,” Tinubu said. “Security drives investment, education and health improve productivity, and infrastructure enables jobs and enterprise. This budget brings them together as a unified plan for national renewal.”
