UPDATED: FG Eyes N34tn Revenue As Tinubu Presents 2026 Budget To NASS

The Federal Government has projected a total revenue of ₦34.33tn and projected total expenditure of ₦58.18tn, including ₦15.52tn for debt servicing in the 2024 budget.

In the 2026 appropriation, the government projected recurrent (non‑debt) expenditure to be ₦15.25tn, while capital expenditure is ₦26.08tn.

It also projected a budget deficit of ₦23.85tn, representing 4.28 percent of GDP.

Oil benchmark was pegged at $64.85 per barrel, while
crude oil production of was fixed at 1.84 million barrels per day and exchange rate at ₦1,400 to the US Dollar for the 2026 fiscal year.

Addressing lawmakers, President Bola Tinubu said the budget reflects Nigeria’s determination to entrench recent economic gains, strengthen resilience in key sectors, and translate macroeconomic stability into improved living standards for Nigerians.

“I appear before this Joint Session of the National Assembly, in fulfilment of my constitutional duty, to present the 2026 Appropriation Bill of the Federal Republic of Nigeria,” the President opened in his speech.

He acknowledged the challenges Nigerians have faced over the last two and a half years of economic reform but assured citizens that the difficult policy choices were essential for long-term stability and growth.

The President highlighted recent economic improvements, including stronger GDP growth — with Q3 2025 recording 3.98 per cent growth compared to 3.86 per cent in Q3 2024, sustained declines in inflation over eight consecutive months, and an increase in foreign reserves to approximately $47bn, a seven-year high.

Tinubu attributed these achievements to deliberate structural reforms, better tax administration, improved oil production through technology and security enhancements, and growing investor confidence.

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

President Tinubu stressed increased revenue through national tax reforms and improved governance of government-owned enterprises, with strict new directives aimed at eliminating inefficiencies and ensuring performance accountability.

Security remains a central theme in the 2026 Budget, with ₦5.41tn allocated for defence and safety initiatives. The budget also prioritises infrastructure (₦3.56tn), education (₦3.52tn), and health (₦2.48tn).

Tinubu told the National Assembly that investments in human capital would include expanding access to higher education through the Nigerian Education Loan Fund and a 6 per cent health budget allocation (net of liabilities). He also noted fresh partnerships with international donors, including more than $500m in health grants from the United States.

Underlining food security as national security, the President said the 2026 Budget prioritises agricultural financing, mechanisation, climate-resilient farming, and strengthened market systems. These measures are intended to cut post-harvest losses, bolster rural incomes, and spur agro-industrialisation.