A joint session of the National Assembly was presented with the 2026 Appropriations Bill by President Bola Tinubu on Thursday. The bill proposed a total budget of N58.46 trillion, of which N15.25 trillion would go toward non-debt recurring expenditures.
During his speech, the President set the benchmark for crude oil prices for the fiscal year at US$64.85 per barrel and fixed capital expenditures at N26.08 trillion.
The President’s address in its entirety is available here, along with a summary of the 2026 budget.
Procedures
Honorable Senate President,
Honorable Speaker and Honorable House of Representatives Members,
Honorable members of the National Assembly and distinguished senators,
Respected Nigerians,
1. In accordance with my constitutional obligation, I am presenting the Federal Republic of Nigeria’s 2026 Appropriations Bill before this Joint Session of the National Assembly.
2. This is a pivotal point in our country’s reform and development process. We have made a conscious decision over the past 2.5 years to address long-standing structural flaws, stabilize our economy, restore trust, and provide a solid foundation for a more resilient, inclusive, and dynamic Nigeria.
3. These changes were required, and they have not been easy. Budget execution has been put to the test, established mechanisms have been disturbed, and families and businesses have been under strain. I openly acknowledge these challenges and reassure Nigerians that their sacrifices are worthwhile. Reform is the most reliable path to long-term stability and shared prosperity, but it is rarely easy.
4. Today, we provide a budget that builds on our progress, fortifies our resiliency, and transforms recovery into higher living standards for every Nigerian household.
THE BUDGET’S 2026 THEME
5. “Budget of Consolidation, Renewed Resilience, and Shared Prosperity” is the subject of the 2026 budget. It demonstrates our commitment to securing macroeconomic stability, enhancing competitiveness, and making ensuring that growth results in respectable employment, rising wages, and improved living standards throughout our Federation.
ECONOMIC REALITIES: STABILISATION SIGNS AND THE NEXT STEP’S GOAL
6. In light of a stronger global outlook, the 2026 Budget was prepared, Mr. Chairman of this Joint Sitting. However, creating a robust economy that benefits our people is still our top priority in Nigeria.
7. The fact that our reform initiatives are already producing quantifiable outcomes inspires me:
Compared to Q3 2024’s 3.86% growth, our GDP expanded by 3.98% in Q3 2025.
Eight straight months have seen a decrease in inflation, with headline inflation falling from 24.23% in March 2025 to 14.45% in November 2025. We anticipate that the disinflationary trend will continue due to stabilizing food and energy prices, tighter monetary conditions, and improved supply responses. This means that, absent significant supply shocks, inflation will continue to fall over the 2026 timeframe.
Thanks to sector changes, increased security, and technological deployment, oil output has increased.
Better tax administration, not increased taxing, has resulted in a considerable increase in non-oil revenues.
Capital inflows, fresh project finance, and increased private sector involvement are all indications of the recovery of investor confidence.
As of November 14, 2025, our external reserves had increased to a seven-year high of over US$47 billion, offering more than ten months of import coverage and a more robust buffer against shocks.
8. These results are not by coincidence. They show thoughtful but challenging policy decisions. It is now our responsibility to build on these successes so that prosperity becomes shared prosperity and stability becomes prosperity.
2025 BUDGET PERFORMANCE: ACCOUNTABILITY, EXECUTION, AND LESSONS
9. Distinguished Members, we had to deal with the realities of change and conflicting execution needs when implementing the 2025 budget. As of Q3 2025, we documented:
N18.6 trillion in earnings, or 61% of our goal; and
Spending N24.66 trillion, which is 60% of our goal.
10. A total of N2.23 trillion was made available for the execution of 2024 capital projects as of June 2025 after the 2024 capital budget execution was extended until December 2025.
11. Despite ongoing financial difficulties, the government fulfilled its essential duties. But as of Q3, just N3.10 trillion, or around 17.7% of the 2025 capital budget, had been disclosed, indicating the focus on finishing priority 2024 capital projects during the transition period.
12. Let me be clear: budget execution will be more disciplined in 2026. To ensure that the 2026 Budget is implemented strictly in accordance with the appropriated details and timelines, I have issued directives to the Honourable Minister of Finance and Coordinating Minister of the Economy, the Honourable Minister of Budget and Economic Planning, the Accountant-General of the Federation, and the Director-General of the Budget Office of the Federation.
13. The new National Tax Acts and the current reforms in the oil and gas industry are expected to improve revenue performance. These reforms are intended to promote openness, efficiency, fairness, and long-term value in our fiscal architecture in addition to raising revenue.
14. When it comes to government-owned businesses, I will likewise be clear. It is hereby mandated that the heads of all GOEs fulfill their designated revenue targets. We will implement end-to-end digitization of revenue mobilization to support this, including standardized e-collections, interoperable payment rails, automated reconciliation, data-driven risk profiling, and real-time performance dashboards, in order to seal leaks, verify compliance, and ensure timely remittances. These goals will serve as fundamental elements of institutional scorecards and performance reviews. Nigeria can no longer afford strategic agency underperformance, inefficiencies, or leakages. Every institution has a role to play.
The goals and philosophy of the 2026 budget
15. Mr. Chairman and fellow Nigerians, there are four distinct goals that will direct the 2026 Budget:
First, strengthen macroeconomic stability;
2. enhance the environment for business and investment;
3. Encourage growth that is rich in jobs and lessen poverty; and
Four, safeguard the weak while enhancing human capital.
16. To put it succinctly, we will pursue growth that is broad-based rather than limited, sustainable rather than transient, and manage debt with discipline.
Overview of the 2026 Budget: The Fiscal Framework
17. Honorable Members, the Federal Budget for 2026 is based on growth direction, prudence, and realism.
18. The following are the primary aggregates:
N34.33 trillion in total revenue is anticipated.
N58.18 trillion is the estimated total expenditure, which includes N15.52 trillion for debt repayment.
N15.25 trillion in recurring (non-debt) spending.
N26.08 trillion in capital expenditures.
The budget deficit is N23.85 trillion, or 4.28 percent of GDP.
19. These figures go beyond accounting boundaries. They serve as a declaration of national priorities. Value-for-money expenditure, debt transparency, and fiscal sustainability are still priorities for us.
20. The criteria for this budget are established by the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper. Our predictions are predicated on:
a cautious benchmark of $64.85 per barrel for crude oil;
1.84 million barrels of crude oil are produced every day; and
a ₦1,400 exchange rate to the US dollar for the fiscal year 2026.
21. We’ll keep cutting back on waste, tightening regulations, and making sure that every rupee borrowed or spent creates quantifiable public benefit, particularly in the areas of infrastructure, human capital, and security.
PRIORITIES AND ALLOCATIONS: PEOPLE, PRODUCTIVITY, AND SECURITY
22. The Renewed Hope Agenda and the real needs of Nigerians are reflected in our allocations. Important sectoral clauses consist of:
N5.41 trillion for defense and security
N3.56 trillion in infrastructure
N3.52 trillion in education
N2.48 trillion in health
23. These are related priorities. Investments cannot prosper without security. Productivity won’t increase in the absence of informed and healthy citizens. Businesses and employment cannot grow without infrastructure. For this reason, the Budget is created as a single, cohesive national rejuvenation program.
24. The cornerstone of progress is still security. The 2026 Budget bolsters backing for:
Modernization of the Military
combined operations and intelligence-driven law enforcement;
technology-enabled monitoring and border security; and
community-based conflict prevention and peacebuilding.
25. Since security expenditures must result in security outcomes, we shall invest in security with clear responsibility. Increasing the fighting capacity of our military forces and other security agencies by hiring more people and acquiring state-of-the-art platforms and other equipment will continue to be our top priority in order to safeguard our nation. In order to eradicate terrorism, banditry, abduction for ransom, and other violent crimes, we are also working toward a new age of the criminal justice system. The national security architecture is being reset by our government, and a new national counterterrorism doctrine is being established. This comprehensive redesign is based on community stability, intelligence, unified command, and counter-insurgency. The way we address terrorism and other violent crimes, which have become existential dangers to our corporate survival and have increased public fear, will be drastically altered by this new philosophy.
Any armed group or non-state actors with firearms acting outside of official authority will be considered terrorists going forward under this new architecture. Bandits, militias, armed gangs, armed criminal networks, armed robbers, violent cult organizations, armed collectives located in forests, and mercenaries with foreign connections are some examples of these. Terrorists also include organizations or individuals who use violence to further political, ethnic, economical, or sectarian goals. Terrorists are defined as members of any group that kidnaps civilians, extorts communities, or occupies or attempts to occupy territory within Nigeria. The commonality is that you are considered a terrorist if you use deadly weapons and act outside the bounds of official authority. As financiers, money handlers, harborers, informants, ransom facilitators, and negotiators, any person or organization that supports the aforementioned groups will also be labeled as a terrorist. Owners of safe houses, arms suppliers, transporters, and political guardians and middlemen will all be labeled terrorists. Terrorists include politicians, traditional leaders, religious leaders, and community leaders who support and incite acts of violence and terror against Nigerian civilians.
26. No country can advance beyond the caliber of its citizens. The 2026 Budget increases funding for social protection, healthcare, education, and skills.
27. In terms of education, the Nigerian Education Loan Fund is helping to increase access to higher education. In collaboration with 229 postsecondary institutions around the country, over 418,000 students have received support.
28. I am happy to point out that, net of liabilities, healthcare spending accounts for 6% of the whole budget.
29. We also value international partners’ assistance. More than US$500 million in grant financing for focused health treatments throughout Nigeria has been made possible by recent high-level interactions with the US government. We applaud this collaboration and guarantee Nigerians that these resources will be used in an open and efficient manner.
30. Renewed Hope Agenda initiatives, including as energy and transportation infrastructure, port modernization, agricultural reforms, and key investments that unlock private capital, are progressing from concept to reality across the country.
31. To improve agricultural markets, we shall act decisively. National security is the security of food. The 2026 Budget has a high priority on agro-value chains, storage and processing, irrigation and climate-resilient agriculture, and input financing and mechanization.
32. These actions will strengthen agro-industrialization, lower post-harvest losses, boost smallholder incomes, and create a more robust, diverse economy.
NATIONAL IMPACT, DELIVERY, AND DISCIPLINE
33. Honorable Members and fellow Nigerians, the budget we announce is not the best. It’s the one we provide.
34. As a result, three pragmatic pledges will direct 2026:
Enhanced oil and gas industry governance and increased revenue mobilization through efficiency, transparency, and compliance—particularly from GOEs.
Improved spending: giving priority to initiatives that citizens can measure, finish, and experience.
Enhancing procurement discipline, monitoring, and reporting will improve accountability and allow Nigerians to know what their money is supporting.
35. By aligning our words with outcomes and our allocations with results, we will establish trust.
SUMMARY: A BUDGET THAT IS ALL OF OURS
36. Outstanding The 2026 budget, fellow Nigerians and members of the National Assembly, is a budget of shared prosperity, renewed resilience, and consolidation rather than a budget of promises. It builds on the reforms of the previous 2.5 years, tackles new issues, and lays out a clear course for a Nigeria that is safer, more competitive, more equal, and more optimistic.
37. I applaud our people’s tolerance, selflessness, and fortitude. My government is still dedicated to making the transition easier and making sure that households and communities throughout the Federation reap the rewards of reform.
38. We will fulfill the full promise of the Renewed Hope Agenda with the cooperation of the Executive and the Legislature, as well as the tenacity of the Nigerian people.
39. As a result, I am delighted to present the Federal Republic of Nigeria’s 2026 Appropriations Bill, “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” to this esteemed Joint Session of the National Assembly.
The Federal Republic of Nigeria is blessed by God.
