President Bola Tinubu on Thursday presented the 2026 Appropriation Bill to a joint session of the National Assembly of Nigeria, proposing a total budget of N58.46 trillion for the fiscal year.
Under the proposal, non debt recurrent expenditure is estimated at N15.25 trillion, while capital expenditure is set at N26.08 trillion. The president also announced a crude oil benchmark price of 64.85 dollars per barrel for the 2026 budget year.
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 sectoral allocations shows that defence and security received the highest funding at N5.41 trillion. Infrastructure followed with N3.56 trillion, while education was allocated N3.52 trillion. The health sector is set to receive N2.48 trillion.
The spending plan, titled Budget of Consolidation, Renewed Resilience and Shared Prosperity, outlines the government’s priorities for economic stability, national security and social development in the coming year.
About the Author
