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On Thursday, President Bola Tinubu 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 established the 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 breakdown by sector reveals that defense and security received the largest allocation at N5.41 trillion, followed by infrastructure with N3.56 trillion.
Education was allocated N3.52 trillion, while the health sector was designated N2.48 trillion under the proposal titled, “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.
Frequently Asked Questions
What is the total budget proposed for 2026?
The total budget proposed for 2026 is N58.46 trillion.
What are the main allocations in the budget?
The main allocations in the budget include N5.41 trillion for defense and security, N3.56 trillion for infrastructure, N3.52 trillion for education, and N2.48 trillion for health.
What is the crude oil price benchmark for the fiscal year?
The crude oil price benchmark for the fiscal year is set at US$64.85 per barrel.
Eze Chidiebere Paul
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