Tinubu Presents ₦58.46 Trillion 2026 Budget, Sets Oil Benchmark at $64.85

Nigeria’s 2026 fiscal framework took centre stage on Thursday as President Bola Ahmed Tinubu formally presented the Appropriation Bill to a joint sitting of the National Assembly, proposing a total expenditure outlay of ₦58.46 trillion, with non-debt recurrent spending projected at ₦15.25 trillion.

PulseNets learnt that the President, in his budget address to lawmakers, pegged capital expenditure at ₦26.08 trillion, while setting the crude oil benchmark for the 2026 fiscal year at US$64.85 per barrel.

According to details obtained by PulseNets, the macroeconomic assumptions underpinning the budget include average crude oil production of 1.84 million barrels per day and an exchange rate of ₦1,400 to one US dollar for the 2026 budget cycle.

A comprehensive sectoral analysis of the spending plan, PulseNets reported, indicates that defence and security commands the largest share of the proposed budget, with an allocation of ₦5.41 trillion, reflecting continued emphasis on national security challenges.

This is followed by infrastructure development, which is slated to receive ₦3.56 trillion, underscoring the administration’s focus on roads, rail, power, and other critical public assets.

PulseNets further learnt that the education sector was allocated ₦3.52 trillion, while the health sector is expected to receive ₦2.48 trillion under the proposed spending plan.

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The 2026 Appropriation Bill, presented under the theme “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is expected to undergo legislative scrutiny in the coming weeks as lawmakers debate its assumptions, priorities, and alignment with Nigeria’s medium-term economic objectives.