President Bola Tinubu presented the 2026 budget proposal of N58.18 trillion to a joint session of the National Assembly on Friday, unveiling a fiscal plan centred on national renewal, stability, and sustainable development.
The budget, guided by the administration’s Renewed Hope Agenda, lays emphasis on four critical pillars: security, education, health and infrastructure.
According to the president, these sectors are interlinked, forming the backbone of Nigeria’s path toward inclusive growth, economic diversification, and social stability.
“These priorities are interlinked. Without security, investment will not thrive. Without educated and healthy citizens, productivity will not rise. Without infrastructure, jobs and enterprises will not scale. This is why the Budget is designed as one coherent programme of national renewal,” he said.
The 2026 budget proposes a total revenue of ₦34.33 trillion and a total expenditure of ₦58.18 trillion, resulting in a fiscal deficit of ₦23.85 trillion, which represents 4.28 per cent of the GDP.
Mr Tinubu said the projections are based on conservative estimates, including a crude oil benchmark of US$64.85 per barrel, an expected crude oil production of 1.84 million barrels per day, and an exchange rate of N1,400 to the US dollar.
Capital expenditure is projected at ₦26.08 trillion, while recurrent (non-debt) expenditure totals ₦15.25 trillion. These figures, according to the president, reflect the administration’s commitment to striking a balance between fiscal prudence and the urgent need for growth-enhancing investments.
Security
In the 2026 budget, defence and security receive the largest single allocation, amounting to ₦5.41 trillion.
Mr Tinubu stressed that security remains the bedrock of economic growth and social cohesion.
According to him, the administration has embarked on a comprehensive overhaul of Nigeria’s national security architecture, emphasising modernisation, intelligence-driven operations, and the adoption of technology-enabled surveillance.
The president highlighted that the budget includes funding to strengthen the armed forces, expand personnel capacity, and procure advanced platforms and hardware to confront modern security threats.
A major component of this initiative is the implementation of a new national counterterrorism doctrine designed to address terrorism, banditry, kidnapping for ransom, and other violent crimes with greater effectiveness.
The doctrine, Mr Tinubu said, represents a holistic redesign of the country’s security apparatus, anchored on unified command structures, intelligence coordination, community stability, and counter-insurgency strategies.
“We will invest in security with clear accountability for outcomes because security spending must deliver security results,” he said.
Under the new security framework, any armed group or individual operating outside the authority of the state is classified as a terrorist.
This broad categorisation includes bandits, militias, armed gangs, violent cult groups, forest-based armed collectives, and foreign-linked mercenaries.
Individuals or entities that facilitate, fund, shelter, or support these groups, including politicians, community leaders, traditional rulers, and religious leaders, are also considered terrorists.
Mr Tinubu emphasised that this rigorous definition is intended to eliminate ambiguity and ensure accountability in security operations.
Education and Health
Beyond security, the 2026 budget places significant emphasis on human capital development.
Education and healthcare together receive allocations of ₦6 trillion, with ₦3.52 trillion earmarked for education and ₦2.48 trillion for health.
Mr Tinubu noted that the quality of a nation’s people determines its development trajectory.
In education, the administration, Mr Tinubu said, has expanded access to tertiary institutions through the Nigerian Education Loan Fund, which has supported over 418,000 students in collaboration with 229 tertiary institutions nationwide.
Funding, he said, will also support vocational and skills development, recognising the link between skills, employability, and national productivity.
Healthcare investment, which represents about six per cent of the total budget, is aimed at strengthening public health infrastructure, expanding access to primary and tertiary care, and reducing disease burden across the country.
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Mr Tinubu highlighted a recent engagement with the Government of the United States, which has secured over US$500 million in grant funding for targeted health interventions in Nigeria.
These resources, he assured, would be deployed transparently to improve health outcomes and strengthen partnerships for sustainable development.
Infrastructure
Infrastructure development and economic productivity form the third critical pillar of the 2026 budget, with an allocation of ₦3.56 trillion.
In agriculture, Mr Tinubu underscored the strategic link between food security and national security. The budget, according to him, prioritises input financing and mechanisation, climate-resilient irrigation systems, and the development of storage, processing, and agro-value chains.
These measures are intended to reduce post-harvest losses, increase smallholder incomes, and deepen agro-industrialisation. By strengthening agricultural markets and value chains, the administration hopes to enhance the resilience of the Nigerian economy and reduce dependence on imports.
“We will take decisive steps to strengthen agricultural markets. Food security is national security. The 2026 Budget prioritises input financing and mechanisation; irrigation and climate‑resilient agriculture; storage and processing; and agro‑value chains.
“These measures will reduce post-harvest losses, improve incomes for smallholders, deepen agro-industrialisation, and build a more resilient economy,” he added.
