By Aminu Aminu

President Bola Tinubu on Friday presented a N58.47 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly, outlining major spending plans across key sectors of the economy.

Under the proposal, capital expenditure is pegged at N26.08 trillion, while recurrent (non-debt) expenditure stands at N15.25 trillion. The budget is benchmarked against a crude oil price of US$64.85 per barrel.

The president said expected total revenue for the 2026 fiscal year is N34.33 trillion, while projected total expenditure is N58.18 trillion, which includes N15.52 trillion earmarked for debt servicing. The resulting budget deficit of N23.85 trillion represents 4.28 per cent of the Gross Domestic Product.

The proposal is anchored on crude oil production of 1.84 million barrels per day and an exchange rate of N1,400 to the US dollar.

A breakdown of sectoral allocations shows that defence and security received the largest share at N5.41 trillion, followed by infrastructure with ₦3.56 trillion.

Education is allocated N3.52 trillion, while the health sector is set to receive N2.48 trillion in the budget proposal, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”

Addressing lawmakers, Tinubu described the proposal as more than routine fiscal estimates.

“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.”

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