President Bola Tinubu on Thursday presented the 2026 Appropriation Bill to a joint session of the National Assembly, proposing a total budget estimate of ₦58.46 trillion, with non-debt recurrent expenditure projected at ₦15.25 trillion.
While presenting the proposal, the President disclosed that capital expenditure was fixed at ₦26.08 trillion, with the crude oil price benchmark set at US$64.85 per barrel for the 2026 fiscal year.
According to Tinubu, the budget assumptions are based on an estimated crude oil production of 1.84 million barrels per day and an exchange rate of ₦1,400 to the United States dollar.
A breakdown of the proposed spending shows that defence and security received the highest allocation at ₦5.41 trillion, followed by infrastructure with ₦3.56 trillion.
The education sector was allocated ₦3.52 trillion, while the health sector received ₦2.48 trillion in the proposal titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”