President Tinubu has presented a ₦58.18 trillion 2026 budget to the National Assembly, declaring war on banditry, fiscal waste and poverty while promising growth and stability
Tinubu Declares War on Banditry, Waste as He Unveils ₦58.18trn 2026 Budget
President Bola Ahmed Tinubu on Friday, December 19, 2025, declared an intensified war on banditry, fiscal waste and poverty as he presented the 2026 Appropriation Bill to a joint session of the National Assembly, outlining a spending plan he said would take Nigeria “from survival to growth.”
Presenting the budget titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” Tinubu described it as “a defining moment in our national journey of reform and transformation,” coming after what he acknowledged was a difficult but unavoidable period of economic adjustment.
“Though necessary, the reforms have not been painless,” the President said, noting that families and businesses had come under pressure.
“Yet, I am here today to 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.”
Economic Gains Emerging — Tinubu
Tinubu said the reforms implemented over the past two and a half years were already yielding tangible results. He cited stronger economic growth, easing inflation, rising external reserves and renewed investor confidence as signs of recovery.
According to him, Nigeria’s economy grew by 3.98 percent in the third quarter of 2025, compared to 3.86 percent in the same period of 2024. He added that headline inflation had moderated for eight consecutive months, dropping to 14.45 percent in November 2025 from 24.23 percent in March.
“With stabilising food and energy prices, tighter monetary conditions, and improving supply responses, we expect the deflationary trend to persist,” he said.
The President also disclosed that oil production has improved due to enhanced security and sector reforms, while non-oil revenues expanded through better tax administration. Nigeria’s external reserves, he revealed, have climbed to about $47 billion, a seven-year high, providing over 10 months of import cover.
“These outcomes are not accidental or lucky. They are the consequence of our difficult policy choices,” Tinubu stressed.
Fiscal Discipline, Revenue Reforms
On the performance of the 2025 budget, Tinubu acknowledged implementation challenges arising from transition pressures and competing demands. As of the third quarter, revenue stood at ₦18.6 trillion (61%), while expenditure reached ₦24.66 trillion (60%) of projections. Capital releases, he said, were limited to ₦3.10 trillion due to the prioritisation of outstanding 2024 projects.
He assured lawmakers that 2026 would mark a turning point in fiscal discipline.
“I have issued directives to ensure that the 2026 Budget is implemented strictly in line with the appropriated details and timelines,” he said.
Projected revenue for 2026 stands at ₦34.33 trillion, while total expenditure is estimated at ₦58.18 trillion, including ₦15.52 trillion for debt servicing. Capital expenditure is pegged at ₦26.08 trillion, with a budget deficit of ₦23.85 trillion, representing 4.28 percent of GDP.
The assumptions are based on an oil price benchmark of $64.85 per barrel, oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400/$.
“We will continue to reduce waste, strengthen controls, and ensure that every naira borrowed or spent delivers measurable public value,” Tinubu said.
₦5.41trn for Security, New Terror Doctrine
Security took centre stage, with ₦5.41 trillion allocated to defence and security. Tinubu announced a reset of Nigeria’s security architecture, anchored on unified command, intelligence sharing and community stability.
“Under this new architecture, any armed group or gun-wielding non-state actor operating outside state authority will be regarded as terrorists,” he declared.
He vowed that bandits, kidnappers, militias, violent cults and their sponsors would be confronted decisively.
“We will show no mercy to those who commit or support acts of terrorism and violent crimes,” he warned.
Education, Health, Infrastructure
For human capital development, ₦3.52 trillion was allocated to education and ₦2.48 trillion to health. Tinubu said over 788,000 students have benefitted from the Nigerian Education Loan Fund, while engagements with the United States government unlocked over $500 million for health interventions.
Infrastructure spending was set at ₦3.56 trillion, with agriculture prioritised for mechanisation, irrigation and value-chain development. Tinubu said the Bank of Agriculture plans to support the cultivation of one million hectares in 2026 to boost food security, employment and exports.
He also highlighted procurement reforms and the Nigeria First policy, which prioritises local goods and companies in government spending.
“The most significant budget is not the one we announce. It is the one we deliver,” the President said.
Tinubu urged the National Assembly to partner with the executive to steer Nigeria toward “a more secure, more competitive, more equitable, and more hopeful nation.” Read More
