By Wellington Jopelo
President Bola Tinubu on Friday presented the 2026 Appropriation Bill to the National Assembly, describing the proposal as a budget built on realism, careful spending, and economic expansion. The presentation marked the formal start of legislative consideration for the 2026 fiscal year.
Providing details on the proposal, the President’s Special Adviser on Media and Publicity, Bayo Onanuga, said in a post on X on Saturday that the Federal Government expects to generate ₦34.33 trillion in revenue in 2026, while planned spending stands at ₦58.18 trillion. The expenditure figure includes ₦15.52 trillion set aside for servicing public debt.
According to the breakdown, non-debt recurrent expenditure is estimated at ₦15.25 trillion, while capital spending—targeted at infrastructure and long-term development—is projected at ₦26.08 trillion. The budget deficit is put at ₦23.85 trillion, representing 4.28 per cent of Nigeria’s Gross Domestic Product.
Explaining the thinking behind the proposal, the post stated that “the 2026 Federal Budget is anchored on realism, prudence, and growth.” It stressed that the figures go beyond bookkeeping, adding that “these numbers are not mere accounting lines. They are a statement of national priorities.”
The statement further noted that the administration remains committed to “fiscal sustainability, debt transparency, and value-for-money spending,” while assuring Nigerians that spending decisions would be closely monitored to ensure public benefit.
The budget framework is based on the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, with projections guided by cautious assumptions. These include a crude oil benchmark of 64.85 dollars per barrel, daily oil production of 1.84 million barrels, and an average exchange rate of 1,400 naira to the US dollar for the 2026 fiscal year.
The post also quoted the administration as saying, “We will continue to reduce waste, strengthen controls, and ensure that every naira borrowed or spent delivers measurable public value.”
On sectoral priorities, the 2026 budget aligns with the Renewed Hope Agenda and focuses on areas considered critical to national development. Defence and security received the largest share with ₦5.41 trillion, followed by infrastructure at ₦3.56 trillion, education at ₦3.52 trillion, and health at ₦2.48 trillion.
Highlighting the link between these sectors, the statement said, “Without security, investment will not thrive. Without educated and healthy citizens, productivity will not rise. Without infrastructure, jobs and enterprises will not scale.”
Overall, the administration described the 2026 budget as a coordinated plan aimed at driving growth, strengthening institutions, and delivering “a single, coherent programme of national renewal.”