JUST IN: Tinubu Presents N58.46 Trillion 2026 Budget as Defence Gets N5.41 Trillion

President Bola Tinubu on Thursday presented the 2026 Appropriation Bill to a joint session of the National Assembly, proposing a total budget of N58.46 trillion for the fiscal year. The proposal includes non-debt recurrent expenditure estimated at N15.25 trillion.

In his address, the President said capital expenditure was fixed at N26.08 trillion, while the crude oil price benchmark for the 2026 fiscal year was set at 64.85 dollars per barrel. The budget assumptions are based on crude oil production of 1.84 million barrels per day and an exchange rate of N1,400 to the United States dollar.

A breakdown of the proposal shows that defence and security received the highest allocation at N5.41 trillion. Infrastructure followed with N3.56 trillion, while the education sector was allocated N3.52 trillion. The health sector was earmarked N2.48 trillion in the spending plan.

The 2026 budget, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” outlines the administration’s fiscal priorities as it seeks to strengthen economic stability, improve public services, and support long-term growth.