…New Tax Laws to Broaden Base, Boost Non-Oil Revenues – Abbas
President Bola Ahmed Tinubu on Friday presented the 2026 Appropriation Bill to a joint sitting of the National Assembly, proposing total expenditure of ₦58.18 trillion against projected revenue of ₦34.33 trillion, with ₦15.52 trillion set aside for debt servicing.
Describing the proposal as a “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the President said the fiscal plan reflects a decisive stage in Nigeria’s economic reform and transformation agenda. The budget projects capital expenditure of ₦26.08 trillion and a fiscal deficit of ₦23.85 trillion, representing 4.28 per cent of Gross Domestic Product (GDP).
Tinubu told lawmakers that the 2026 budget is designed to build on reforms undertaken over the past two and a half years to stabilise the economy, address long-standing structural weaknesses, restore investor confidence and position the country for inclusive and sustainable growth.
Acknowledging the hardships experienced by Nigerians during the reform process, the President assured citizens that the sacrifices would yield lasting benefits. He stressed that while reforms often bring short-term pain, they remain essential for long-term stability and shared prosperity.
Highlighting improvements in key macroeconomic indicators, Tinubu said the economy grew by 3.98 per cent in the third quarter of 2025, up from 3.86 per cent in the same period of 2024. Inflation, he noted, has declined for eight consecutive months to 14.45 per cent in November 2025, while oil production, non-oil revenues and external reserves have also recorded significant gains.
“These outcomes did not happen by chance. They are the result of tough and sometimes unpopular policy choices,” the President said, adding that the 2026 budget is aimed at consolidating existing gains and transitioning the economy from recovery to sustained growth.
He explained that the budget is anchored on four pillars: strengthening macroeconomic stability, improving the business and investment climate, driving job-rich economic growth, and deepening human capital development while protecting vulnerable citizens. Accordingly, key sectors received substantial allocations, including ₦5.41 trillion for defence and security, ₦3.56 trillion for infrastructure, ₦3.52 trillion for education and ₦2.48 trillion for healthcare.
On security, Tinubu announced the adoption of a new national counterterrorism doctrine to tackle banditry, militias, armed criminal groups, violent cults and foreign-linked mercenaries. He added that education and health financing would be strengthened through the Nigerian Education Loan Fund and a statutory allocation of six per cent of the budget net of liabilities, with support from international partners, including the United States.
The President said infrastructure investment would prioritise transport networks, energy supply, port modernisation and agricultural reforms aimed at food security and job creation. He disclosed plans for mechanised agriculture across seven regional hubs covering one million hectares, targeted at boosting employment and export earnings.
Tinubu also emphasised procurement reforms and the implementation of the “Nigeria First Policy” to promote local content, strengthen domestic industries and advance economic self-reliance.
“The true value of a budget lies not in its announcement, but in its execution,” he said, pledging improved revenue mobilisation, prudent spending and stronger accountability in implementation.
Reacting to the presentation, Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, said recently enacted tax laws would broaden the revenue base, promote fairness and strengthen non-oil revenue streams, providing a sustainable financing framework for the 2026 budget.
Abbas commended the President’s commitment to a unified fiscal framework, describing the “one budget, one fiscal framework” policy and the elimination of overlapping fiscal authorities as critical to discipline, transparency and due process. He assured Nigerians that the National Assembly would subject the proposal to thorough scrutiny while acting with speed and patriotism.
On security spending, the Speaker said transparent and adequately funded security expenditure is central to national development, pledging that the legislature would ensure allocations translate into measurable improvements nationwide.
Reflecting on the 2025 fiscal year, Abbas described it as a period of adjustment and consolidation, citing improvements in foreign exchange reserves, remittance inflows and export earnings as signs of renewed confidence in the economy.
He expressed confidence that the 2026 Appropriation Bill signals a return to fiscal discipline, stronger investor confidence and a firmer foundation for inclusive growth and long-term national development.










