JUST-IN: Tinubu Lays N58.18trn 2026 ‘Budget Of Consolidation’ Before NASS

President Bola Tinubu, on Friday afternoon, laid before a joint session of National Assembly the N58.18 trillion budgetary estimates for the 2026 financial year, christened ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’.

From the sum, revenue is projected at N34.33 trillion; N15.52 trillion trillion is for debt servicing; N15.25 trillion is for recurrent (non‑debt) expenditure; N26.08 trillion is for
capital expenditure while budget deficit stood at N23.85 trillion, representing 4.28% of the Gross Domestic Product (GDP).

The budget is based on parameters such as oil price benchmark of $64.85 per barrel; crude oil production of 1.84 million barrels per day per day (mbpd) and exchange rate of N1,400 to the US Dollar.

Tinubu, while delivering his budget speech before the joint House of Representatives and Senate session, said his administration remained firmly committed to fiscal sustainability, debt transparency, and value‑for‑money spending.

“We will continue to reduce waste, strengthen controls, and ensure that every naira borrowed or spent delivers measurable public value — especially in infrastructure, human capital, and security,” he said.

Giving highlights of the proposed 2026 budget allocations, the president said defence and security takes N5.41 trillion; infrastructure – N3.56 trillion, education – N3.52 trillion and
health – N2.48 trillion.

“These priorities are interlinked. Without security, investment will not thrive. Without educated and healthy citizens, productivity will not rise. Without infrastructure, jobs and enterprise will not scale. This is why the budget is designed as one coherent programme of national renewal.

“Security remains the foundation of development. The 2026 Budget strengthens support for: modernisation of the Armed Forces; intelligence‑driven policing and joint operations; border security and technology‑enabled surveillance; and community‑based peacebuilding and conflict prevention.

“We will invest in security with clear accountability for outcomes—because security spending must deliver security results. To secure our country, our priority will remain on increasing the fighting capability of our armed forces and other security agencies by boosting personnel and procuring cutting-edge platforms and other hardware.

“We are also pursuing a new era of criminal justice system to stamp out terrorism, banditry, kidnapping for ransom and other violent crimes. Our administration is resetting the national security architecture and establishing a new national counterterrorism doctrine—a holistic redesign anchored on unified command, intelligence, community stability, and counter-insurgency,” Tinubu added.