President Bola Tinubu on Friday presented the ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly (NASS), with the promise to spend with purpose, manage debt with discipline, and pursue broad-based, sustainable growth.
Tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, the President said the budget represents a defining moment in the nation’s national journey of reform and transformation.
He also mentioned that the Budget reflects the administration’s determination to lock in macroeconomic stability, deepen competitiveness, and ensure that growth translates into decent jobs, rising incomes, and a better quality of life for every Nigerian.
Announcing that the 2026 Federal Budget was anchored on realism, prudence, and growth, the President pegged the expected total revenue at 34.33 trillion naira, projected total expenditure at 58.18 trillion naira, including 15.52 trillion naira for debt servicing.
He also announced a recurrent (non‑debt) expenditure of 15.25 trillion naira, capital expenditure of 26.08 trillion and an expected Budget deficit of 23.85 trillion naira, representing 4.28% of GDP.
“These numbers are not mere accounting lines. They are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value‑for‑money spending,” he stated.
President Tinubu noted that while the global outlook continues to improve, the Budget aims to further strengthen the economy to benefit all citizens, adding that the administration’s reform efforts are already yielding measurable results.
“Our economy grew by 3.98 per cent in Q3 2025, up from 3.86 per cent in Q3 2024. Inflation has moderated for eight consecutive months, with headline inflation declining to 14.45 per cent in November 2025, from 24.23 per cent in March 2025.
“With stabilising food and energy prices, tighter monetary conditions, and improving supply responses, we expect the deflationary trend to persist over the 2026 horizon, barring major supply shocks.
“Oil production has improved, supported by enhanced security, technology deployment, and sector reforms.
“Non‑oil revenues have expanded significantly through better tax administration. Investor confidence is returning, reflected in capital inflows, renewed project financing, and stronger private‑sector participation.
Our external reserves rose to a 7‑year high of about US47 billion dollars as of last month, providing over 10 months of import cover and a more substantial buffer against shocks.
“These outcomes are not accidental or lucky. They are the consequence of our difficult policy choices. Our next objective is to deepen our gains in pursuit of enduring and inclusive prosperity,” he added.
President Tinubu disclosed that the 2025 budget implementation faced the realities of transition and competing execution demands. Noting that as of Q3 2025, the country recorded: 18.6 trillion naira in revenue — representing 61% of the target; and 24.66 trillion naira in expenditure — representing 60% of the target.
He announced that following the extension of the 2024 capital budget execution to December 2025, a total of 2.23 trillion naira was released for the implementation of 2024 capital projects as of June 2025.
The President affirmed that while fiscal challenges persisted, the government met its key obligations. However, only 3.10 trillion naira — about 17.7% of the 2025 capital budget — was released as of Q3, reflecting the emphasis on completing priority 2024 capital projects during the transition period.
However, he said the 2026 would be a year of stronger discipline in budget execution. Saying that he has issued directives to the Minister of Finance and Coordinating Minister of the Economy, the Minister of Budget and Economic Planning, the Accountant‑General of the Federation, and the Director‑General of the Budget Office of the Federation to ensure that the 2026 Budget is implemented strictly in line with the appropriated details and timelines.
“We expect improved revenue performance through the new National Tax Acts and the ongoing reforms in the oil and gas sector — reforms designed not merely to raise revenue, but to drive transparency, efficiency, fairness, and long‑term value in our fiscal architecture.
“I have also provided clear and direct guidance regarding Government‑Owned Enterprises. Heads of all agencies have been directed to meet their assigned revenue targets.
“To support this, we will deploy end‑to‑end digitisation of revenue mobilisation — standardised e‑collections, interoperable payment rails, automated reconciliation, data‑driven risk profiling, and real‑time performance dashboards — so leakages are sealed, compliance is verifiable, and remittances are prompt.
“These targets will form core components of performance evaluations and institutional scorecards. Nigeria can no longer afford leakages, inefficiencies, or underperformance in strategic agencies. Every institution must play its part,” the President said.
