The President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu on Friday presented the 58.18 trillion 2026 budget to a joint session of the National Assembly.
The President also declared that all armed groups operating outside state authority would be treated as terrorist henceforth, as he vowed tougher security action, deeper economic reforms, and stricter budget discipline.
Tagged the “Budget of Consolidation, Renewed Resilience and shared prosperity”, the proposal seeks to lock in recent macroeconomic gains, restore investors confidence and translate recovery into improved living, and jobs standard for Nigerians.
The President who started his speech at 3:31pm and was still reading as of 4:02pm, stated, “I appear before this Joint Session of the National Assembly, in fulfilling my constitutional duties, to present the 2026 appropriation bill,” The President described the moment as “defining” In Nigerias reform journey. He acknowledged the pains of the reforms over the last two and a half years, but assured the citizens that their sacrifices are not in vain”.
Speaking on Economy stabilization, the president said that Nigerias economy was showing clear signs of stabilization, citing 3.98 percent GDP growth in Q3 2025, moderation in in inflation for eight (8) consecutive months to 14.45 percent in November 2025,improved oil production, stronger non-oil revenues and rising investor confidence.
For external reserves, he revealed it climbed to about a seven-year high of about $47 billion as of Mid-November 2025, providing over 10 months of import cover.
“This outcomes are not accidental. They reflect difficult but deliberate policy choices,” The president said, adding that the task ahead was to ensure that “stability becomes prosperity, and prosperity becomes shared prosperity”.
The 2026 fiscal framework.
Under the proposal, total revenue is projected at N34.33 trillion, while total expenditure stands at N58.18 trillion, including N15.52 trillion for debt servicing. Recurrent (non-debt) spending is put at N15.25 trillion, while capital expenditure totals N26.08 trillion represents 4.28 percent of GDP.
The assumptions underpinning the budget include a crude oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of N1,400/$ .
“This numbers are not just accounting lines. They are a statement of national priorities, “ The president said, stressing commitments to fiscal sustainability, debt transparency and value for money spending.
Security gets N5.41 trillion
Security tops sectoral allocation with N5.41trillion, followed by infrastructure (N3.56 trillion), education (3.52 trillion) and health (N2.48 trillion).
Unveiling a sweeping security doctrine, the President said Nigeria was resetting its national security architecture with a unified counter-terrorism approach. “Henceforth any armed group or gun-wielding non-state actors operating outside state authority will be regarded at terrorists”, Tinubu declared.
He listed militias, bandits, kidnappers, armed gangs, violent cult groups, forest-based armed collectives and foreign linked mercenaries, warning that financiars, ransom facilitators, political protectors, arms suppliers and even religious or community leaders or religious leaders who aid violence would also be designated as terrorists.
Discipline revenue reforms
On budget execution, The president admitted that 2025 implementation faced transition challenges, noting that as of Q3 2025, N18.6 trillion in revenue (61% of target) and N24.66 trillion in expenditure (60% of target) had been recorded. Only N3.10 trillion, about 17.7% of the 2025 capital budget, had been released by Q3.
He pledged stricter discipline in 2026, directing the budget and finance authorities to implement the budget “strictly in line with the appropriated details and timelines. “Heads of Government Owned Enterprises (GOE’s) were ordered to meet revenue targets, backed by end-to-end digitization to seal leakages.
“Nigeria can no longer afford inefficiencies or underperformance in strategic agencies. Every institution must play its part”, The president warned.
No comments:
Post a Comment
Disclaimer
Any comment displayed here does not affect Nolanci or any Employee as well