…Seeks Budget reset, State Police
President Bola Tinubu yesterday presented a ₦58.18 trillion 2026 Appropriation Bill to a joint sitting of the 10th National Assembly, rolling out an ambitious fiscal plan anchored on security dominance, economic consolidation and deep structural reforms, even as he acknowledged the hardship Nigerians continue to endure from ongoing economic adjustments.
Tagged: ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’, the proposal places national security at the heart of governance, with Tinubu declaring that all armed groups operating outside the authority of the state will henceforth be treated as terrorists, alongside their financiers, informants and political or community enablers.
“Henceforth, any armed group or gun-wielding non-state actor operating outside state authority will be regarded as terrorists”, the President told lawmakers, describing the move as part of a sweeping reset of Nigeria’s national security architecture.
Under the proposal, defence and internal security received the largest sectoral allocation of ₦5.41 trillion, marking the third consecutive year security has dominated federal spending. Tinubu said the funds would be deployed to modernise the armed forces, strengthen intelligence-driven policing, enhance border surveillance and improve joint operations among security agencies.
“Security remains the foundation of development,” the President said, insisting that investment, jobs and social stability cannot thrive without peace. Other major allocations include: ₦3.56 trillion for infrastructure, ₦3.52 trillion for education, and ₦2.48 trillion for health, as the administration seeks to balance security imperatives with human capital and economic growth.
Tinubu projected total revenue of ₦34.33 trillion against aggregate expenditure of ₦58.18 trillion, leaving a budget deficit of ₦23.85 trillion, equivalent to 4.28 percent of GDP. Debt servicing alone is estimated at ₦15.52 trillion, highlighting continued pressure on public finances.
The Budget is anchored on key assumptions, including a crude oil benchmark of $64.85 per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar.
The President cited signs of macroeconomic recovery, including 3.98% GDP growth in Q3 2025, eight consecutive months of easing inflation to 14.45% in November, improved oil output, stronger non-oil revenues and rising investor confidence. He also disclosed that Nigeria’s external reserves had climbed to about $47 billion, a 7-year high, providing over 10 months of import cover.
Addressing widespread public concern over economic hardship, Tinubu admitted that his administration’s reforms had imposed heavy costs on households and businesses, but insisted they were unavoidable.
“These outcomes are not accidental. They reflect difficult but deliberate policy choices”, the President stated, pointing to the removal of fuel subsidy and foreign exchange liberalisation as tough decisions taken to avert fiscal collapse and restore investor confidence.
He assured Nigerians that the sacrifices would not be in vain, stressing that the 2026 Budget is designed to translate macroeconomic stabilisation into improved living standards.
In a related move, the President formally requested the 10th NASS’s approval to extend the implementation of the 2025 Budget to March 31, 2026, in a bid to end Nigeria’s long-standing practice of running overlapping budgets.
In a letter read during plenary, Tinubu said the extension would allow for the release of at least 30 percent of capital allocations to MDAs, improve execution and strengthen fiscal discipline. He also transmitted Bills seeking the repeal and re-enactment of the 2024 and 2025 Appropriation Acts, adjusting their sizes to reflect fiscal realities and execution capacity.
Beyond the Budget, Tinubu reaffirmed his commitment to state policing and effective local government autonomy, describing both as legacy reforms critical to solving Nigeria’s security and development challenges. Speaking earlier at an APC governors’ caucus meeting, the President said he was confident Nigeria would pass legislation establishing State Police, arguing that decentralised policing is essential to defeating insecurity.
As he wrapped-up the presentation, Tinubu urged lawmakers to support the proposals, stressing that credibility would ultimately be measured by execution, not announcements. “The greatest budget is not the one we announce, it is the one we deliver”, he emphasised.
The 2026 Budget now heads to the National Assembly for scrutiny amid heightened public expectations, lingering economic pressures and mounting demands for tangible security and welfare outcomes.
