President Bola Tinubu on Friday unveiled a proposed 2026 federal budget totaling 58.47 trillion naira ($41.76 billion), emphasizing priorities in defence, infrastructure, and social services amid efforts to stabilize the economy.
The fiscal plan, presented to a joint session of the National Assembly, allocates 26.08 trillion naira for capital expenditure and 15.25 trillion naira for recurrent non-debt spending, reflecting a focus on long-term investments.
Tinubu set the crude oil price benchmark at $64.85 per barrel, with projected daily production of 1.84 million barrels, and an exchange rate of 1,400 naira to the dollar to underpin the budget assumptions.
Defence and security receive the highest allocation at 5.41 trillion naira, underscoring commitments to national stability, while infrastructure is slated for 3.56 trillion naira to support development projects.
Education and health sectors follow closely, with 3.52 trillion naira and 2.48 trillion naira respectively, aimed at enhancing human capital.
The proposal, dubbed the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” seeks to build on recent reforms to foster inclusive growth and economic recovery.
