President Bola Tinubu on Thursday presented the 2026
Appropriation Bill to a joint session of the National Assembly, proposing a
total budget of N58.46 trillion, with non-debt recurrent expenditure estimated
at N15.25 trillion.
In his address, the President fixed capital expenditure at
N26.08 trillion and set the crude oil price benchmark for the fiscal year at
US$64.85 per barrel.
The budget projections are based on crude oil production of
1.84 million barrels per day and an exchange rate of N1,400 to the US Dollar
for the 2026 fiscal year.
A sector-by-sector breakdown shows that defence and security
received the largest allocation at N5.41 trillion, followed by infrastructure
with N3.56 trillion.
Education was allotted N3.52 trillion, while the health
sector was earmarked N2.48 trillion under the proposal titled, “Budget of
Consolidation, Renewed Resilience and Shared Prosperity”.
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