President Bola Tinubu on Friday presented a ₦58.47 trillion federal budget proposal for the 2026 fiscal year to a joint session of the National Assembly.

The president announced that the 2026 Appropriation Bill is christened the “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”

According to Tinubu, the 2026 budget will mark a major turning point in Nigeria’s budgeting system, describing it as a “hard reset.” He explained that from April 2026, the country will operate a single budget system, with no rollover of previous budgets.

“This is a reset. A very hard one. By March 2026, all capital liabilities from previous years will be fully funded. From April 2026, we will operate a single budget. No rollover,” the president said.

Speaking further during the presentation, Tinubu reaffirmed his administration’s commitment to tackling insecurity, vowing that the government would show no mercy in the fight against terrorism, banditry, kidnapping, and other criminal activities.

“We will show no mercy to all those who commit acts of terrorism, banditry and kidnapping. We will fundamentally change how we confront terrorism and violent crimes,” he declared.

A breakdown of the budget shows that it is based on a crude oil production benchmark of 1.84 million barrels per day and an exchange rate of ₦1,400 to the US dollar for the 2026 fiscal year.

In terms of sectoral allocation, defence and security received the highest allocation of ₦5.41 trillion, followed by infrastructure with ₦3.56 trillion.

The education sector was allocated ₦3.52 trillion, while health received ₦2.48 trillion in the proposed budget.

The president noted that the 2026 budget is designed to consolidate ongoing reforms, strengthen economic resilience, and promote inclusive growth and shared prosperity for Nigerians.