President Tinubu Presents ₦58.18 Trillion 2026 Budget, Vows End to Multiple Budgets and Stronger Fiscal Discipline

President Tinubu Presents ₦58.18 Trillion 2026 Budget, Vows End to Multiple Budgets and Stronger Fiscal Discipline

President Bola Ahmed Tinubu on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, declaring that 2026 will mark a decisive shift toward stronger budget discipline, accountability, and results-driven governance.

Titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the proposed budget is aimed at consolidating recent economic reforms and translating improving macroeconomic indicators into better living standards for Nigerians.

President Tinubu Declares End to Multiple Budgets and Project Abandonment

President Tinubu announced the end of Nigeria’s long-standing practice of running multiple budgets simultaneously, describing it as a major source of abandoned projects, inherited obligations, and fiscal inefficiency.

“This is a reset, a very hard one,” the President declared.

He said that by March 31, 2026, all outstanding capital liabilities from previous budgets would be fully funded and closed, after which Nigeria would operate one budget backed by one revenue cycle.

“From April, Nigeria will operate on a single budget — no overlaps, no excuses, no rollovers,” Tinubu said.

2025 Budget Performance and Revenue Update

Reviewing the implementation of the 2025 budget, Tinubu acknowledged transition challenges but noted measurable progress.

As of Q3 2025, Nigeria recorded:

• ₦18.6 trillion in revenue (61% of target)
• ₦24.66 trillion in expenditure (60% of target)

He disclosed that ₦2.23 trillion had been released for 2024 capital projects by June 2025 following the extension of the 2024 capital budget. However, only ₦3.10 trillion (17.7%) of the 2025 capital budget had been released by Q3, reflecting the focus on completing earlier projects.

2026: Year of Strict Budget Discipline

President Tinubu said he had issued clear directives to key fiscal officials to ensure strict implementation of the 2026 budget in line with approved timelines and allocations.

“The greatest budget is not the one we announce. It is the one we deliver,” he said.

He added that improved revenue performance is expected from the new National Tax Acts and ongoing reforms in the oil and gas sector, which are designed to promote transparency, efficiency, and long-term fiscal sustainability.

Warning to Government-Owned Enterprises

Tinubu warned Government-Owned Enterprises (GOEs) and revenue-generating agencies that underperformance would no longer be tolerated.

He announced plans to deploy end-to-end digitisation of revenue mobilisation, including:

• Standardised e-collections
• Interoperable payment systems
• Automated reconciliation
• Real-time performance dashboards

According to him, revenue targets will now form part of performance evaluations and institutional scorecards.

Improving Economic Indicators

Highlighting recent economic gains, President Tinubu said Nigeria’s economy grew by 3.98% in Q3 2025, up from 3.86% in the same period of 2024.

He also noted that inflation has moderated for eight consecutive months, declining to 14.45% in November 2025 from 24.23% in March.

Other positive indicators include:

• Improved oil production
• Expanded non-oil revenues
• Rising investor confidence
• External reserves climbing to a seven-year high of about $47 billion

“These outcomes are not accidental. They reflect difficult but deliberate policy choices,” Tinubu said.

2026 Budget Breakdown and Assumptions

The proposed 2026 budget includes:

• Total expenditure: ₦58.18 trillion
• Expected revenue: ₦34.33 trillion
• Capital expenditure: ₦26.08 trillion
• Recurrent non-debt spending: ₦15.25 trillion
• Debt servicing: ₦15.52 trillion
• Budget deficit: ₦23.85 trillion (4.28% of GDP)

Key assumptions include:

• Oil benchmark: $64.85 per barrel
• Production: 1.84 million barrels per day
• Exchange rate: ₦1,400/$

Tinubu said the assumptions reflect a commitment to realism, prudence, and fiscal sustainability.

Priority Sectors: Security, Infrastructure, Education, Health

President Tinubu identified security, infrastructure, education, health, and agriculture as priority areas.

Proposed allocations include:

• ₦5.41 trillion for defence and security
• ₦3.56 trillion for infrastructure
• ₦3.52 trillion for education
• ₦2.48 trillion for health

He stressed that security remains foundational to investment and economic growth.

New National Counter-Terrorism Doctrine

The President announced a new national counter-terrorism doctrine aimed at decisively tackling terrorism, banditry, kidnapping, and violent crime.

“This doctrine will fundamentally change how we confront terrorism and other violent crimes that threaten our national survival,” he said.

The strategy will focus on unified command, intelligence coordination, community stability, and counter-insurgency operations.

Health Sector Boost and Food Security Focus

Tinubu revealed that Nigeria has secured over $500 million in US grant funding for health interventions, describing it as a vote of confidence in the country’s reform agenda.

He reaffirmed the administration’s commitment to food security, with the 2026 budget prioritising:

• Mechanisation and input financing
• Irrigation and climate-resilient farming
• Storage, processing, and agro-value chains

Tinubu Reassures Nigerians

President Tinubu commended Nigerians for their resilience and assured that the benefits of reforms will reach households nationwide.

“We promise to ensure that the benefits of reform reach communities across the Federation,” he said.

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