TINUBU PRESENTS N58.18 TRILLION 2026 BUDGET TO JOINT SESSION OF NATIONAL ASSEMBLY

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President Bola Ahmed Tinubu on Thursday presented the ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly, marking his third full budget presentation since assuming office in May 2023.

The budget presentation followed the recent approval of the 2026–2028 Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) by both chambers of the National Assembly. The Senate approved the framework on Tuesday, while the House of Representatives followed on Thursday after extensive debates, during which lawmakers raised concerns over some key fiscal assumptions.

President Tinubu formally notified the legislature of his intention to present the budget through a letter transmitted on Wednesday by his Chief of Staff, Femi Gbajabiamila.

According to details of the proposal, the 2026 budget outlines total expenditure of ₦54.46 trillion, with projected revenue estimated at ₦34.33 trillion. The budget includes a new borrowing plan of ₦17.88 trillion, covering both domestic and foreign loans, while debt servicing is estimated at ₦15.52 trillion.

Capital expenditure is pegged at ₦20.131 trillion, reflecting the administration’s focus on infrastructure and economic growth. Pensions, gratuities and retirees’ benefits are estimated at ₦1.376 trillion, while statutory transfers are projected at ₦3.152 trillion. The sinking fund stands at ₦388.54 billion, and total recurrent (non-debt) expenditure is estimated at ₦15.265 trillion. Special interventions for recurrent and capital spending are pegged at ₦200 billion and ₦14 billion, respectively.

The budget assumptions are based on a benchmark oil price of $60 per barrel, daily crude oil production of 1.84 million barrels per day, and an exchange rate of ₦1,512 to the dollar. Inflation is projected at 16.5 per cent, while GDP growth is estimated at 4.68 per cent, largely driven by expected gains from ongoing tax reforms.

President Tinubu arrived at the National Assembly complex around 3 p.m., accompanied by Vice President Kashim Shettima and other top government officials. Lawmakers had earlier reconvened plenary sessions in both chambers ahead of the President’s arrival, before senators moved to the House of Representatives chamber for the joint sitting.

The joint session, chaired by Senate President Godswill Akpabio with Speaker of the House of Representatives Abbas Tajudeen as co-chair, commenced with the rendition of the National Anthem. Christian and Muslim prayers were led by Senator Orji Uzor Kalu and Senator Garba Maidoki, respectively.

Members of the President’s entourage included the Chief of Staff, Femi Gbajabiamila; Secretary to the Government of the Federation, George Akume; National Chairman of the All Progressives Congress, Abdullahi Ganduje; as well as several state governors and ministers.

In his welcome address, Senate President Akpabio described the joint sitting as a rare but significant moment in Nigeria’s democratic history. He said the gathering marked a “defining national conversation about our priorities as a people, our responsibilities as leaders, and our collective resolve to build a stronger and more just future for generations to come.”

The presentation comes less than two weeks to the end of the year, highlighting the administration’s continued departure from the fixed January–December budget cycle introduced under the previous administration, which has resulted in overlapping fiscal timelines.

The National Assembly is expected to commence detailed scrutiny of the budget proposal in the coming weeks.