President Bola Tinubu on Thursday presented the 2026 Appropriation Bill to a joint session of the National Assembly, proposing a total budget of N58.46 trillion, with non-debt recurrent expenditure estimated at N15.25 trillion.
In his address, the President fixed capital expenditure at N26.08 trillion and set the crude oil price benchmark for the fiscal year at US$64.85 per barrel.
The budget projections are based on crude oil production of 1.84 million barrels per day and an exchange rate of N1,400 to the US Dollar for the 2026 fiscal year.
A sector-by-sector breakdown shows that defence and security received the largest allocation at N5.41 trillion, followed by infrastructure with N3.56 trillion.
Education was allotted N3.52 trillion, while the health sector was earmarked N2.48 trillion under the proposal titled, “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.
