…To Prioritize Security, Infrastucture, Citizens’ Welfare
Barely two days after the approval of the Medium Term Expenditure Framework and Fiscal Strategy Paper 2024-2026 (MTEF-FSP 2024-2026) by the National Assembly, President Bola Ahmed Tinubu on Friday laid a N58.47 trillion 2026 Appropriation Bill before joint session of the National Assembly for passage in line with Constitutional fiscal requirements.
Christened the ‘Budget of Consolidation, Renewed Resilience, and Shared Prosperity’, the proposal represented a 6% increase over the 2025 budget estimates.
In his speech, the President told the lawmakers that the 2026 fiscal proposals were aimed at consolidation the gains of the ongoing reforms with a view to strongly positioning the nation on the path of sustainable, globally competitive and inclusive development.
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He said: “This is a defining moment in our national journey of reform and transformation. Over the last two and a half years, we made a deliberate choice: to confront long‑standing structural weaknesses, stabilise our economy, rebuild confidence, and lay a durable foundation for a more resilient, inclusive, and dynamic Nigeria.
“These reforms were necessary — and they have not been painless. Families and businesses have faced pressure; established systems have been disrupted; and budget execution has been tested. I acknowledge these difficulties plainly, and I assure Nigerians that their sacrifices are not in vain. The path of reform is seldom smooth, but it is the surest route to lasting stability and shared prosperity.
“Today, we come with a Budget that consolidates our gains, strengthens our resilience, and turns recovery into improved living standards for every Nigerian household.
“The 2026 Budget is themed: “Budget of Consolidation, Renewed Resilience and Shared Prosperity”. It reflects our determination to lock in macroeconomic stability, deepen competitiveness, and ensure that growth translates into decent jobs, rising incomes, and a better quality of life across our Federation”, Tinubu assured.
The President listed some of the key achievements of his administration’s ongoing reforms as including the growth of the nation’s economy by 3.98% in Q3 2025, moderation of Inflation rate for eight consecutive months, ebbing to 14.45% in November 2025; improved oil production, expanded non‑oil revenues through better tax administration; growing investor confidence in Nigeria characterized by improved capital inflows; and the rising of the external reserves to a 7‑year high of about US$47 billion as at 14 November 2025, among others.
According to him, these outcomes are not accidental but reflect difficult but deliberate policy choices
Tinubu explained that the task for his administration now remained to consolidate these gains so that stability becomes prosperity, and prosperity becomes shared prosperity.
Specifically, he spoke on a four-pronged task, namely to consolidate macroeconomic stability; improve the business and investment environment; promote job‑rich growth and reduce poverty; and strengthen human capital while protecting the vulnerable.
On fiscal prudence, Tinubu assured that “we will spend with purpose, manage debt with discipline, and pursue growth that is broad‑based – not narrow – and sustainable – not temporary”.
The Appropriation Bill 2026 proposed the allocation of N25.68 trillion to capital expenditure, representing about 44% of the total budgetary plan, while N15.26 trillion was proposed as recurrent non-debt expenditure and N15.52 trillion was provided for debt servicing in the fiscal year.
Out of the recurrent expenditure provisions, personnel costs, including pensions and government-owned enterprise expenses, were projected at N10.75 trillion.
The 2026 Appropriation Bill in anchored on the revised MTEF that sets the exchange rate benchmark at N1,400/$1. To finance the total expenditure, the government is projecting a revenue target of N34.33 trillion, with non-oil sector accounting for nearly two-thirds of all receipts while the funding gap would be covered by N17.88 trillion in new domestic and foreign borrowing.
Some of the key priorities of the Appropriation Bill 2025 include strengthening the national security architecture to restore productivity on farmlands and in urban centres, as well as sustaining the “Renewed Hope Infrastructure Fund” to modernize transportation and power supply nationwide.
According to him, the key sectoral provisions of the fiscal document include Defence and Security: N5.41 trillion; Infrastructure: N3.56 trillion’ Education: N3.52 trillion; and Health: N2.48 trillion
The President clarified: “These priorities are interlinked. Without security, investment will not thrive. Without educated and healthy citizens, productivity will not rise. Without infrastructure, jobs and enterprise will not scale. This is why the Budget is designed as one coherent programme of national renewal.”
In his concluding remarks, Tinubu explained that “the 2026 Budget is not a budget of promises; it is a Budget of Consolidation, Renewed Resilience and Shared Prosperity. It builds on the reforms of the past two and a half years, addresses emerging challenges, and sets a clear path towards a more secure, more competitive, more equitable, and more hopeful Nigeria.”
He commended Nigerians for their understanding, sacrifice, and resilience, promising that his administration remains committed to easing the burdens of transition and ensuring that the benefits of reform reach households and communities nationwide.
