President Bola Tinubu has presented a N58.47 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly.
Tinubu presented the budget on Friday, setting capital expenditure at N26.08 trillion and pegging the crude oil benchmark at US$64.85 per barrel.
The president stated that capital recurrent (non‑debt) expenditure would amount to N15.25 trillion
He also projected a total revenue of N34.33 trillion and total expenditure of N58.18 trillion, including N15.52 trillion for debt servicing.
The fiscal deficit is N23.85 trillion, representing 4.28 per cent of the country’s gross domestic product (GDP).
The proposal assumes crude oil production of 1.84 million barrels per day and an exchange rate of N1,400 to the US Dollar for 2026.
In sectoral allocations, defence and security received the largest share of N5.41 trillion, followed by infrastructure with N3.56 trillion.
Education was allocated N3.52 trillion, while health received N2.48 trillion under the budget, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.
Addressing the lawmakers, Tinubu said the proposal as not just accounting lines, “they are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value‑for‑money spending.”