Tinubu presents ₦58.18trn 2026 Budget, declares armed non-state actors terrorists

President Bola Ahmed Tinubu on Friday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, declaring that all armed groups operating outside state authority would henceforth be treated as terrorists.

Presenting what he tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the president said the proposal was designed to lock in recent macroeconomic gains, restore investor confidence and translate economic recovery into jobs and 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,” Tinubu said, describing the moment as defining in Nigeria’s reform journey.

Acknowledging the pains associated with reforms over the last two and a half years, the president assured Nigerians that their sacrifices were yielding results and would not be in vain.

Economy Showing Signs of Stability

Tinubu said the economy was showing clear signs of stabilisation, citing 3.98 per cent GDP growth in Q3 2025, moderation in inflation for eight consecutive months to 14.45 per cent in November 2025, improved oil production, stronger non-oil revenues and rising investor confidence.

He disclosed that Nigeria’s external reserves climbed to a seven-year high of about $47 billion as of mid-November 2025, providing over 10 months of import cover.

“These outcomes are not accidental. They reflect difficult but deliberate policy choices,” he said, adding that the task ahead was to ensure that “stability becomes prosperity, and prosperity becomes shared prosperity.”

2026 Fiscal Framework

Under the proposal, total revenue is projected at ₦34.33 trillion, while total expenditure stands at ₦58.18 trillion, including ₦15.52 trillion for debt servicing.

Recurrent (non-debt) expenditure is estimated at ₦15.25 trillion, while capital expenditure is pegged at ₦26.08 trillion. The budget deficit of ₦23.85 trillion represents 4.28 per cent of GDP.

The budget assumptions include a crude oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of ₦1,400/$.

“These figures are not just accounting lines; they are a statement of national priorities,” Tinubu said, stressing commitments to fiscal sustainability, debt transparency and value-for-money spending.

Security Tops Allocation

Security received the highest sectoral allocation at ₦5.41 trillion, followed by infrastructure (₦3.56 trillion), education (₦3.52 trillion) and health (₦2.48 trillion).

Unveiling a sweeping new security doctrine, Tinubu 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 as terrorists,” he declared.

He listed bandits, militias, armed gangs, kidnappers, violent cult groups, forest-based armed collectives and foreign-linked mercenaries, warning that financiers, ransom facilitators, arms suppliers, political protectors and even community or religious leaders who aid violence would also face terrorist designation.

Budget Discipline, Revenue Reforms

On budget implementation, the president admitted that 2025 execution faced transition challenges, noting that as of Q3 2025, ₦18.6 trillion in revenue (61 per cent of target) and ₦24.66 trillion in expenditure (60 per cent of target) had been recorded.

Only ₦3.10 trillion, about 17.7 per cent of the 2025 capital budget, had been released by the third quarter.

Tinubu pledged stricter discipline in 2026, directing finance and budget authorities to implement the budget strictly in line with approved details and timelines.

Heads of Government-Owned Enterprises (GOEs) were ordered to meet revenue targets, backed by end-to-end digitisation to plug leakages.

“Nigeria can no longer afford inefficiencies or underperformance in strategic agencies,” he warned.

Education, Health, Agriculture

The president said investments in human capital would be expanded, revealing that over 418,000 students have benefitted from the Nigerian Education Loan Fund in partnership with 229 tertiary institutions.

Health spending, he added, accounts for six per cent of the total budget, excluding liabilities, with over $500 million in prospective US grant funding expected for targeted health interventions.

On food security, Tinubu said agriculture would be prioritised through mechanisation, irrigation, climate-resilient farming, improved storage and agro-value chains to curb post-harvest losses and boost smallholder incomes.

A Budget to Deliver

“The greatest budget is not the one we announce; it is the one we deliver,” the president said, pledging stronger accountability, smarter spending and improved revenue mobilisation.

Laying the bill before lawmakers, Tinubu said the 2026 budget belongs to all Nigerians and expressed confidence that cooperation between the executive and the legislature would deliver the Renewed Hope Agenda.

“It is with great pleasure that I lay before this distinguished Joint Session of the National Assembly the 2026 Appropriation Bill of the Federal Republic of Nigeria,” he said.

“May God bless the Federal Republic of Nigeria.”