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Distinguished Senate President,

Rte. Honourable Speaker and Honourable Members of the House of Representatives,

Distinguished Senators and Distinguished Members of the National Assembly,

Fellow Nigerians,

I’m delighted to be a part of a group of outstanding thinkers, people of great stature, and people who believe in our democracy. Members of the cabinet that are here, your excellencies the governors, past and present, members of this honourable hallowed chamber.

It’s nice to return to a familiar setting. Ladies and gentlemen and fellow Nigerians, I am here today to fulfil an essential constitutional obligation by presenting the 2026 appropriation bill to this esteemed joint session of the National Assembly for your consideration.

Let me be clear with you before I proceed further. Avoiding abandoned projects, unpaid contractual obligations and running a multiple budget, both inherited and unfulfilled mandate is a problem steering the nation. We are breaking the practice of destroying three budgets with one inflow.

By March 31st 2026, all capital liabilities from previous years will be fully funded and closed. Nigeria has a single project that supports a single revenue cycle since April: there is no excuse for rollover culture. This budget presents a defining moment in our national journey of reform and transformation.

My government has methodically addressed long-standing structural flaws, stabilized our economy, rebuilt confidence, and laid a solid foundation for the development of a more resilient, inclusive, and dynamic Nigeria over the past two and a half years.

No necessary, the reforms have not been painless. Families and businesses have been put under pressure, and the system has been tested and retested. The budget encyscription has been tested as well, I acknowledge these difficulties plainly. I’m here to assure Nigerians that their sacrifices are not in vain.

We are already out of that dark tunnel of uncertainty, economic volatility and lack of inclusiveness, economy and plough has stoned the corner. Although reforms are rarely smooth, they are the most likely way to bring about long-term stability and shared prosperity. Today I present a budget that consolidate our gains, strengthens our resilience and takes this country out of the dark tunnel of hopelessness, from the survival to growth. The 2026 budget has the theme “Budget of Consolidation, Renewed Resilience, and Shared Prosperity.”

It reflects our determination to lock in macroeconomic stability, deepen competitiveness, and ensure that growth translates into decent jobs, rising incomes, and a better quality of life across corner of Nigeria and for every Nigerian.

PURPOSE OF THE NEXT STEP: SIGNS OF STABILISATION

6. Mr. Chairman, the leadership of the National Assembly, while the global outlook continues to improve, this budget aims to further strengthen our Nigerian economy to benefit all our citizens.
7. I find it encouraging that our reform efforts are already generating tangible outcomes:

(a) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Our economy grew by 3.98% in Q3 2025, up from 3.86% in Q3 2024 year in year out.

(b) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Inflation has moderated for eight straight months, with headline inflation falling 14.45% in March 2025. With stabilising food and energy prices, tighter monetary conditions, and improving supply responses, we expect the disinflationary trend to persist over the year 2026 horizon, barring major supply shocks.

Oil production has improved thanks to improved security, increased technology deployment, and sector reforms (c), see &nbsp, &nbsp, &nbsp, &nbsp, and &nbsp.

(d) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Non‑oil revenues have expanded significantly through better tax administration. I appreciate you passing the tax bill.

(e) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Investor confidence is returning, reflected in capital inflows, renewed project financing, and strong private‑sector participation.

Our external reserves reached a seven-year high of about US $47 billion last month, which is higher than the previous month’s level of (f). &nbsp, That provides over 10 months of import cover and a stronger buffer against shocks.

8. These outcomes are not random or luckiest. They are the consequence of our difficult policy choices. Our main objective is to increase our accomplishments in the direction of lasting, inclusive prosperity.

2025 BUDGET PERFORMANCE: LESSONS, ACCOUNTABILITY, AND EXECUTION

9. Our 2025 budget implementation, along with the realities of transition and competing execution requirements, was confronted, Mr. Chairman, Distinguished Members. As at Q3 2025, we recorded:

(a) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbs

(b) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, ₦24.66 trillion in expenditure—representing 60% of our target.

10. A total of $2.23 trillion was released for the implementation of 2024 capital projects as of June 2025 as a result of the extension of the 2024 capital budget execution to December 2025.
11. While fiscal challenges persisted, government met its key obligations. Only 3.10 trillion, or 17.7% of the 2025 capital budget, was released as of Q3, reflecting the transitional period’s emphasis on completing priority 2024 capital projects.
12. Let me be clear: 2026 will be a year of stronger discipline in budget execution. The Honorable Minister of Finance and Coordinating Minister of the Economy, the Honorable Minister of Budget and Economic Planning, the Director-General of the Budget Office of the Federation, and the Honorable Minister of Finance and Coordinating Minister of the Economy have been given instructions from me to ensure that the 2026 Budget is strictly implemented in accordance with the necessary details and timelines.
13. We expect improved revenue performance through the new National Tax Acts and the ongoing reforms in the oil and gas sector—reforms designed not merely to raise revenue, but to drive transparency, efficiency, fairness, and long‑term value in our fiscal architecture.
14. I’ll be completely clear about government-owned businesses. Heads of all GOEs are hereby directed to meet their assigned revenue targets. To ensure that leakages are prevented, compliance is verified, and remittances are made quickly, we will use end-to-end digitization of revenue mobilisation—standardised e-collections, interoperable payment rails, automated reconciliation, data-driven risk profiling, and real-time performance dashboards. These targets will form core components of performance evaluations and institutional scorecards. Ineffectiveness, leakages, or underperformance in strategic agencies are no longer tolerated in Nigeria. Every institution must play its part.

THE 2026 BUDGET’S PHILOSOPHY AND OBJECTIVES

15. Mr. Chairman and fellow Nigerians, the 2026 Budget is guided by four clear objectives:

Consolidate macroeconomic stability with &nbsp, &nbsp, &nbsp, &nbsp, One.

(b) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Two, improve the business and investment environment,

(c) promote job-rich growth and reduce poverty through &nbsp, &nbsp, &nbsp, &nbsp, and &nbsp, Three.

(d) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Four, strengthen human capital while protecting the vulnerable.

16. In essence, we will use purposeful spending, manage debt with discipline, and work toward broad-based, not narrow, and sustainable, not temporary growth.

2026 BUDGET OVERVIEW: THE FISCAL FRAMEWORK

17. The 2026 Federal Budget, Distinguished Members, is founded on realism, prudence, and growth-oriented principles.
18. The key aggregates are as follows:

Expected total revenue: $33.4 trillion. &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp.

(b) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Projected total expenditure: ₦58.18 trillion, including ₦15.52 trillion for debt servicing.

Recurrent (non-debt) expenditure: 15.25 trillion.

(d) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Capital expenditure: ₦26.08 trillion.

Budget deficit: $23.2 trillion, or 4.28% of GDP, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp,

19. These numbers are not just accounting lines. They represent the national priorities. We remain firmly committed to fiscal sustainability, debt transparency, and value‑for‑money spending.
20. The budgetary guidelines are set forth in the 2026-2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper. Our projections are based on:

A conservative crude oil benchmark of US $ 64.85 per barrel is (a), &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, (b)

(b) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, crude oil production of 1.84 million barrels per day, and

For the fiscal year 2026, the exchange rate for &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, and &nbsp is 1, 400 to the US Dollar.

21. We will continue to reduce waste, strengthen controls, and ensure that every naira borrowed or spent delivers measurable public value — especially in infrastructure, human capital, and security.

SECURITY, PEOPLE, PRODUCTIVITY, AND OTHER PRIORITIES AND ALLOCATIONS

22. Our allocations reflect the Renewed Hope Agenda and the practical needs of Nigerians. Among the key provisions in each sector are:

• Defence and Security: ₦5.41 trillion
• 3.56 trillion in infrastructure
• Education: ₦3.52 trillion
• 2.48 trillion in health

23. These priorities are interlinked. Investment will not prosper without security. Without educated and healthy citizens, productivity will not rise. Without infrastructure, businesses and jobs won’t grow. This is why the Budget is designed as one coherent programme of national renewal.
24. National security and peace-building
25. Security remains the foundation of development. The Budget for 2026 increases support for:

(a) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, modernisation of the Armed Forces,

(b) intelligence-driven policing and joint operations, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp,

(c) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, border security and technology‑enabled surveillance, and

(d) Community-based peacebuilding and conflict prevention, as well as &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp.

25. We will invest in security with clear accountability for outcomes—because security spending must deliver security results. Our top priority will continue to be strengthening the fighting capacity of our armed forces and other security forces by boosting personnel and purchasing cutting-edge platforms and other hardware in order to secure our nation. We are also pursuing a new era of criminal justice system to stamp out terrorism, banditry, kidnapping for ransom and other violent crimes. A comprehensive redesign based on unified command, intelligence, community stability, and counter-insurgency is being implemented by our administration, as well as a new national counterterrorism doctrine. This new doctrine will fundamentally change how we confront terrorism and other violent crimes that have become existential threats to our corporate survival and have heightened anxiety among our people.

Any non-state actors who operate an armed group or have a gun that are operating outside the boundaries of the state will be regarded as terrorists from now on, under this new structure. These include bandits, militias, armed gangs, criminal networks with weapons, armed robbers, violent cult groups, forest-based armed collectives, and foreign-linked mercenaries. Terrorists include those who use violence against others to advance political, racial, financial, or sectarian goals. &nbsp, Members of any group extorting communities, kidnapping civilians, occupying or seeking to occupy territory within Nigeria will be classified as terrorists. The commonality is that if you use lethal force against other people and abdicate their authority, you become a terrorist. Any individual or entity that enables the listed groups as financiers, money handlers, harbourers, informants, ransom facilitators, and negotiators will also be classified as terrorists. The names of political protectors, intermediaries, transporters, suppliers of weapons, and safe-house owners will be taken out as terrorists. &nbsp, Politicians, traditional rulers, community leaders, and religious leaders who facilitate and encourage violent actions and terror within Nigeria and against our citizens are also terrorists.

1. Education and Health: Human Capital Development
2. No nation can grow beyond the quality of its people. The 2026 Budget increases funding for social protection, education, and training.
3. In education, we are expanding access to higher education through the Nigerian Education Loan Fund. In partnership with 229 tertiary institutions across the country, over 418 000 students have received financial aid.
4. In healthcare, I am pleased to highlight that investment in healthcare is 6% of total budget size, net of liabilities.
5. Additionally, we value the assistance of international partners. Recent high‑level engagements with the Government of the United States have opened the door to over US $500 million in grant funding for targeted health interventions across Nigeria. We applaud this partnership and reassure Nigerians that all of these resources will be used deftly and effectively.
6. Infrastructure and Economic Productivity
7. The Renewed Hope Agenda projects span the country, including those that transform transportation and energy infrastructure, port modernization, agricultural reforms, and strategic private capital initiatives.
8. We will take decisive steps to strengthen agricultural markets. National security means food security. The 2026 Budget prioritises input financing and mechanisation, irrigation and climate‑resilient agriculture, storage and processing, and agro‑value chains.
9. These actions will lower post-harvest losses, increase smallholder incomes, intensify agroindustrialization, and create a more resilient, diversified economy.

DELIVERY, DISCIPLINE, AND NATIONAL COMPACT

33. The biggest budget, Distinguished Members and fellow Nigerians, is not what we have announced. It is the one we deliver.
34. Therefore, 2026 will be guided by three real commitments:

(a) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Better revenue mobilisation through efficiency, transparency, and compliance—especially from GOEs and improved oil and gas sector governance.

Better spending: prioritizing projects that can be completed, measured, and felt by citizens.

(c) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, Better accountability: strengthening procurement discipline, monitoring, and reporting—so Nigerians can see what their money is funding.

35. By matching our words with the results and our allocations with the outcomes, we can create trust.

CONCLUSION: A BUDGET THAT BELONGS TO ALL OF US

36. The 2026 Budget is a budget of consolidation, renewed resilience, and shared prosperity, honorable members of the National Assembly, fellow Nigerians. It builds on the reforms of the past two and a half years, addresses emerging challenges, and sets a clear path towards a more secure, more competitive, more equitable, and more hopeful Nigeria.
37. I applaud our country’s people’s compassion, sacrifice, and resilience. My administration remains committed to easing the burdens of transition and ensuring that the benefits of reform reach households and communities across the Federation.
38. We will fulfill the Renewed Hope Agenda’s full promise with the support of the Executive and the Legislature and with the support of the Nigerian people.
39. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly the 2026 Appropriation Bill of the Federal Republic of Nigeria, titled: “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.

God’s blessings on Nigeria’s Federal Republic.