President Bola Ahmed Tinubu has laid before a joint session of the National Assembly of Nigeria a ₦58.18 trillion 2026 Appropriation Bill, with defence and national security receiving the largest share as the federal government intensifies efforts to tackle persistent insecurity across the country.
The budget proposes ₦5.41 trillion for security and defence, making it the biggest single allocation among all sectors. Tinubu said the priority accorded to security reflects the administration’s belief that peace and stability are prerequisites for economic recovery, investment and social development.
According to the President, the funds will be used to modernise the Armed Forces, strengthen intelligence gathering, improve border surveillance and enhance collaboration among security agencies. He stressed that bandits, terrorists, kidnappers, violent cult groups and other armed elements operating outside state authority would be treated as terrorist organisations, signalling a firmer security stance.
Tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the 2026 proposal puts total expenditure at ₦58.18 trillion against expected revenue of ₦34.33 trillion, resulting in a projected ₦23.85 trillion deficit, equivalent to about 4.28 per cent of GDP.
A major highlight of the budget is ₦26.08 trillion in capital expenditure, targeted at accelerating investment in transport networks, power infrastructure, housing and other growth-driving projects. The government says these investments are designed to stimulate the economy, create jobs and improve productivity.
The education sector is allocated ₦3.52 trillion, focusing on access, skills acquisition and expansion of the student loan programme, while ₦2.48 trillion is earmarked for health, with attention on primary healthcare, hospital upgrades and wider insurance coverage.
Debt servicing remains significant, with ₦15.52 trillion set aside to meet obligations, a figure that continues to raise concerns about fiscal sustainability.
The budget assumptions are based on an oil price benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the dollar. Tinubu said recent economic reforms were beginning to yield results, citing improving foreign reserves and moderating inflation.
Urging lawmakers to give the proposal timely consideration, the President emphasised the need for strict oversight and disciplined implementation, noting that effective execution would determine whether the ambitious spending plan translates into improved security, economic stability and better living conditions for Nigerians.
Abuja Network News
Tags
News