FULL SPEECH: Tinubu presents 2026 budget to National Assembly

President Bola Ahmed Tinubu has presented a N58 trillion 2026 budget to the joint sitting of the National Assembly on Friday.

Tinubu, while addressing the joint NASS, which also had the attendance of the Vice President Kashim Shettima, cabinet members, governors and other notable politicians, said the 2026 Budget was prepared against an improving global outlook.

Below is the full speech:

PROTOCOLS

Distinguished Senate President,
Rt. Honourable Speaker and Honourable Members of the House of Representatives,
Distinguished Senators and Honourable Members of the National Assembly,
Fellow Nigerians,

1. 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.
2. This is a defining moment in our national journey of reform and transformation. Over the last two and a half years, we made a deliberate choice: to confront long-standing structural weaknesses, stabilise our economy, rebuild confidence, and lay a durable foundation for a more resilient, inclusive, and dynamic Nigeria.
3. These reforms were necessary — and they have not been painless. Families and businesses have faced pressure; established systems have been disrupted; and budget execution has been tested. I acknowledge these difficulties plainly, and I 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.
4. Today, we come with a Budget that consolidates our gains, strengthens our resilience, and turns recovery into improved living standards for every Nigerian household.

THEME OF THE 2026 BUDGET

5. The 2026 Budget is themed: “Budget of Consolidation, Renewed Resilience and Shared Prosperity”. It reflects our determination to lock in macroeconomic stability, deepen competitiveness, and ensure that growth translates into decent jobs, rising incomes, and a better quality of life across our Federation.

ECONOMIC REALITIES: SIGNS OF STABILISATION, PURPOSE OF THE NEXT STEP

6. Mr. Chairman of this Joint Sitting, the 2026 Budget was prepared against an improving global outlook. Yet, our focus remains Nigeria: building a strong economy that works for our people.
7. I am encouraged that our reform efforts are already yielding measurable results:

Our economy grew by 3.98% in Q3 2025, higher than the 3.86% recorded in Q3 2024.

Inflation has moderated for eight consecutive months, with headline inflation declining to 14.45% in November 2025, from 24.23% in March 2025. With stabilising food and energy prices, tighter monetary conditions, and improving supply responses, we expect the disinflationary trend to persist—so that inflation continues to decline further over the 2026 horizon, barring major supply shocks.

Oil production has improved, supported by enhanced security, technology deployment, and sector reforms.

Non-oil revenues have expanded significantly through better tax administration —not excessive taxation.

Investor confidence is returning, reflected in capital inflows, renewed project financing, and stronger private-sector participation.

Our external reserves rose to a 7-year high of about US$47 billion as at 14 November 2025, providing more than 10 months of import cover and a stronger buffer against shocks.

8. These outcomes are not accidental. They reflect difficult but deliberate policy choices. Our task now is to consolidate these gains—so that stability becomes prosperity, and prosperity becomes shared prosperity.

2025 BUDGET PERFORMANCE: LESSONS, ACCOUNTABILITY, AND EXECUTION

9. Distinguished Members, our 2025 budget implementation faced the realities of transition and competing execution demands. As at Q3 2025, we recorded:

₦18.6 trillion in revenue—representing 61% of our target; and

₦24.66 trillion in expenditure—representing 60% of our target.

10. Following the extension of the 2024 capital budget execution to December 2025, a total of ₦2.23 trillion was released for the implementation of 2024 capital projects as at June 2025.
11. While fiscal challenges persisted, government met its key obligations. However, only ₦3.10 trillion—about 17.7% of the 2025 capital budget—was released as at Q3, reflecting the emphasis on completing priority 2024 capital projects during the transition period.
12. Let me be clear: 2026 will be a year of stronger discipline in budget execution. I have issued directives to the Honourable Minister of Finance and Coordinating Minister of the Economy, the Honourable Minister of Budget and Economic Planning, the Accountant-General of the Federation, and the Director-General of the Budget Office of the Federation to ensure that the 2026 Budget is implemented strictly in line with the appropriated details and timelines.
13. We expect improved revenue performance through the new National Tax Acts and the ongoing reforms in the oil and gas sector—reforms designed not merely to raise revenue, but to drive transparency, efficiency, fairness, and long-term value in our fiscal architecture.
14. I will also be unequivocal about Government-Owned Enterprises. Heads of all GOEs are hereby directed to meet their assigned revenue targets. To support this, we will deploy end-to-end digitisation of revenue mobilisation—standardised e-collections, interoperable payment rails, automated reconciliation, data-driven risk profiling, and real-time performance dashboards—so leakages are sealed, compliance is verifiable, and remittances are prompt. These targets will form core components of performance evaluations and institutional scorecards. Nigeria can no longer afford leakages, inefficiencies, or underperformance in strategic agencies. Every institution must play its part.

PHILOSOPHY AND OBJECTIVES OF THE 2026 BUDGET

15. Mr. Chairman and fellow Nigerians, the 2026 Budget is guided by four clear objectives:
    One, consolidate macroeconomic stability;
    Two, improve the business and investment environment;
    Three, promote job-rich growth and reduce poverty; and
    Four, strengthen human capital while protecting the vulnerable.
16. In short: we will spend with purpose, manage debt with discipline, and pursue growth that is broad-based — not narrow — and sustainable — not temporary.

2026 BUDGET OVERVIEW: THE FISCAL FRAMEWORK

17. Distinguished Members, the 2026 Federal Budget is anchored on realism, prudence, and growth orientation.
18. The key aggregates are as follows:
    Expected total revenue: ₦34.33 trillion.
    Projected total expenditure: ₦58.18 trillion, including ₦15.52 trillion for debt servicing.
    Recurrent (non-debt) expenditure: ₦15.25 trillion.
    Capital expenditure: ₦26.08 trillion.
    Budget deficit: ₦23.85 trillion, representing 4.28% of GDP.
19. These numbers are not just accounting lines. They are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value-for-money spending.
20. The 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper sets the parameters for this Budget. Our projections are based on:
    a conservative crude oil benchmark of US$64.85 per barrel;
    crude oil production of 1.84 million barrels per day; and
    an exchange rate of ₦1,400 to the US Dollar for the 2026 fiscal year.
21. We will continue to reduce waste, strengthen controls, and ensure that every naira borrowed or spent delivers measurable public value — especially in infrastructure, human capital, and security.

PRIORITIES AND ALLOCATIONS: SECURITY, PEOPLE, PRODUCTIVITY

22. Our allocations reflect the Renewed Hope Agenda and the practical needs of Nigerians. Key sectoral provisions include:
    Defence and Security: ₦5.41 trillion
    Infrastructure: ₦3.56 trillion
    Education: ₦3.52 trillion
    Health: ₦2.48 trillion
23. These priorities are interlinked. Without security, investment will not thrive. Without educated and healthy citizens, productivity will not rise. Without infrastructure, jobs and enterprise will not scale.

A. National Security and Peacebuilding

24. Security remains the foundation of development. The 2026 Budget strengthens support for modernisation of the Armed Forces, intelligence-driven policing and joint operations, border security and technology-enabled surveillance, and community-based peacebuilding and conflict prevention.
25. We will invest in security with clear accountability for outcomes. Any armed group or gun-wielding non-state actors operating outside state authority will be regarded as terrorists. This includes bandits, militias, armed gangs, criminal networks, violent cult groups, and foreign-linked mercenaries. Individuals or entities that finance, harbour, transport, or protect such groups will also be classified as terrorists, including political, traditional, community, and religious leaders who encourage violence.

B. Human Capital Development: Education and Health

26. No nation can grow beyond the quality of its people. The 2026 Budget strengthens investments in education, skills, healthcare, and social protection.
27. In education, access to higher education is being expanded through the Nigerian Education Loan Fund, with over 418,000 students supported across 229 tertiary institutions.
28. In healthcare, investment accounts for 6% of the total budget size, net of liabilities.
29. Engagements with the United States Government have opened access to over US$500 million in grant funding for targeted health interventions.

C. Infrastructure and Economic Productivity

30. Projects under the Renewed Hope Agenda include transport and energy infrastructure, port modernisation, agriculture, and private capital mobilisation.
31. The Budget prioritises food security through input financing, mechanisation, irrigation, storage, processing, and agro-value chains.
32. These measures aim to reduce post-harvest losses, improve incomes, and diversify the economy.

DELIVERY, DISCIPLINE, AND NATIONAL COMPACT

33. The greatest budget is not the one announced, but the one delivered.
34. The year 2026 will focus on better revenue mobilisation, disciplined spending, and stronger accountability.
35. Trust will be built by matching allocations with outcomes.

CONCLUSION: A BUDGET THAT BELONGS TO ALL OF US

36. The 2026 Budget builds on reforms, addresses emerging challenges, and sets Nigeria on a path of security, competitiveness, equity, and hope.
37. The administration remains committed to easing the burdens of transition.
38. With cooperation between the Executive and Legislature, the Renewed Hope Agenda will be delivered.
39. I hereby present the 2026 Appropriation Bill of the Federal Republic of Nigeria titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.

May God bless the Federal Republic of Nigeria.
Thank you.