News Update
President Bola Tinubu has presented a budget proposal of ₦58.47 trillion for the 2026 fiscal year to a joint session of the National Assembly, with capital recurrent (non‑debt) expenditure standing at ₦15.25 trillion.
Tinubu presented it on Friday, pegging the capital expenditure at ₦26.08 trillion and putting the crude oil benchmark at US$64.85 per barrel.
He said the expected total revenue is ₦34.33 trillion, projected total expenditure: ₦58.18 trillion, including ₦15.52 trillion for debt servicing. The budget is ₦23.85 trillion, representing 4.28% of GDP.
The proposal was anchored on a crude oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the US Dollar for the 2026 fiscal year.
In terms of sectoral allocation, defence and security took the lion’s share with ₦ 5.41 trillion, followed by infrastructure at ₦3.56 trillion.
Education received ₦3.52 trillion, while health received ₦2.48 trillion in the proposal, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.
Addressing the lawmakers, the former governor of Lagos State described the budget proposal as not “just accounting lines”.
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“They are a statement of national priorities,” the president told the gathering. “We remain firmly committed to fiscal sustainability, debt transparency, and value‑for‑money spending.”