President Bola Tinubu has presented a ₦58.18 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly, with defence and security receiving the single largest sectoral allocation of ₦5.41 trillion.

The president laid the proposal before lawmakers on Friday, outlining a fiscal framework anchored on a crude oil benchmark of US$64.85 per barrel, daily production of 1.84 million barrels, and an exchange rate of ₦1,400 to the United States dollar.

According to the proposal, total expenditure for 2026 stands at ₦58.18 trillion, comprising ₦26.08 trillion for capital expenditure and ₦15.25 trillion for recurrent (non-debt) spending. Debt servicing is estimated at ₦15.52 trillion.

Expected total revenue is projected at ₦34.33 trillion, leaving a budget deficit of ₦23.85 trillion, equivalent to 4.28 per cent of the Gross Domestic Product.

In terms of sectoral distribution, defence and security received the lion’s share with ₦5.41 trillion, followed by infrastructure at ₦3.56 trillion. Education was allocated ₦3.52 trillion, while the health sector received ₦2.48 trillion.

The proposal, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, was described by the president as far more than a fiscal exercise.

“Budgets are not just accounting lines,” Mr. Tinubu told the lawmakers. “They are a statement of national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value-for-money spending.”

The presentation comes against the backdrop of heightened insecurity across parts of the country, with mass abductions, banditry, and other violent crimes dominating national discourse.

Addressing the challenge, the former governor of Lagos State stressed that security “remains the foundation of development”. He said his administration is pursuing a multi-pronged strategy that includes the modernisation of the Armed Forces, intelligence-driven policing, joint security operations, strengthened border control, technology-enabled surveillance, and community-based peacebuilding and conflict prevention.

“We will invest in security with clear accountability for outcomes—because security spending must deliver security results,” the president, who came to power in 2023, said.

“To secure our country, our priority will remain on increasing the fighting capability of our armed forces and other security agencies by boosting personnel and procuring cutting-edge platforms and other hardware.”

Reflecting on the economic reforms introduced since assuming office in May 2023, Mr. Tinubu recalled the removal of fuel subsidy and the floating of the naira, measures that contributed to a sharp rise in inflation and living costs.

More than two years later, he expressed confidence that the economy has stabilised, assuring Nigerians that the worst of the turbulence is over.

“I acknowledge these difficulties plainly, and I assure Nigerians that their sacrifices are not in vain,” he said. “The path of reform is seldom smooth, but it is the surest route to lasting stability and shared prosperity.”

The president further pledged increased investment in critical infrastructure and food security, which he described as “strategic investments that unlock private capital”.

“We will take decisive steps to strengthen agricultural markets. Food security is national security,” he said.

According to him, the 2026 budget prioritises input financing and mechanisation; irrigation and climate-resilient agriculture; storage and processing; and the development of agro-value chains.

He said these measures are expected to reduce post-harvest losses, improve incomes for smallholder farmers, deepen agro-industrialisation, and build a more resilient and diversified economy.