President Bola Tinubu has presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to the National Assembly, with a focus on security, infrastructure, and economic growth.
The budget, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, allocates ₦5.41 trillion to defence and security, ₦3.56 trillion to infrastructure, ₦3.52 trillion to education, and ₦2.48 trillion to health.
The budget proposal is based on a crude oil production of 1.84 million barrels per day, an exchange rate of ₦1,400 to the US Dollar, and a crude oil benchmark of $64.85 per barrel.
The expected total revenue is ₦34.33 trillion, with ₦15.52 trillion allocated for debt servicing. The budget deficit is ₦23.85 trillion, representing 4.28% of GDP.
Tinubu emphasized the importance of security, stating that it remains the foundation of development, and outlined measures to address insecurity, including modernizing the Armed Forces and intelligence-driven policing.
He also promised to invest in critical infrastructure and ensure food security, saying “Food security is national security”.
