LIVE UPDATES; Tinubu Presents Nigeria’s 2026 Budget To National Assembly

President Bola Tinubu will present the ₦58.47 trillion 2026 budget to a joint session of the National Assembly today.

The two chambers of the National Assembly have already approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), which form the foundation of the proposed budget.

The Senate approved the framework on Tuesday, while the House of Representatives followed on Thursday after extensive debates, during which some lawmakers raised concerns over key parameters of the framework.

This is President Tinubu’s third full budget since he assumed office in May 2023.

He notified lawmakers of his intention to present the budget through a letter transmitted on Wednesday by his Chief of Staff, Femi Gbajabiamila.

The proposed 2026 budget outlines total expenditure of ₦54.46 trillion and includes a new borrowing plan of ₦17.88 trillion, comprising both domestic and foreign loans. Projected revenue stands at ₦34.33 trillion, while debt servicing is estimated at ₦15.52 trillion.

Capital expenditure is pegged at ₦20.131 trillion. Pensions, gratuities, and retirees’ benefits are estimated at ₦1.376 trillion, while statutory transfers are projected at ₦3.152 trillion. The sinking fund is set at ₦388.54 billion. Total recurrent (non-debt) expenditure is estimated at ₦15.265 trillion, with special interventions for recurrent and capital spending pegged at ₦200 billion and ₦14 billion, respectively.

The proposal is based on a benchmark oil price of $60 per barrel, daily domestic crude oil production of 1.84 million barrels per day (mbpd), and an exchange rate of ₦1,512 to the dollar. Inflation is projected at 16.5 per cent, while GDP growth is estimated at 4.68 per cent, largely driven by anticipated gains from ongoing tax reforms.

President Tinubu is submitting the budget less than two weeks before the end of the year. Unlike the January–December budget cycle introduced under the late former President Muhammadu Buhari, the current administration has not maintained a fixed fiscal calendar, resulting in overlapping budgets within a single fiscal year

2:51 p.m.

The House of Representatives reconvened plenary to the arrival of President Bola Tinubu, scheduled for 3 p.m.

Senators thereafter moved to the House Chamber for the commencement of the joint session of the National Assembly.
The joint session is statutorily chaired by Senate President Godswill Akpabio, with Speaker Abbas Tajudeen serving as co-chair.

During Thursday’s plenary, the Chief Whip of the House, Usman Bello, moved a motion for President Bola Tinubu to be admitted into the chamber.

2:58 p.m.

President Tinubu’s convoy arrives at the National Assembly complex, while the lawmakers have already taken their seats in the House of Representatives to receive him.

2:59 p.m.

President Bola Tinubu entered the chamber for the joint session of the National Assembly.

Mr Tinubu arrived alongside Vice President Kashim Shettima and other members of his entourage.

Upon the President’s arrival at the podium, lawmakers rose to take the National Anthem, as directed by the presiding officer, Senate President Godswill Akpabio.

Members of the President’s entourage included Chief of Staff Femi Gbajabiamila, Secretary to the Government of the Federation George Akume, and National Chairman of the APC Abdullahi Ganduje, as well as several governors and ministers.

Mr Akpabio subsequently welcomed President Tinubu and his entourage to the joint session.

3:00 p.m.

The president has entered the chamber of the House of Representatives. The lawmakers stood up immediately for the National Anthem.

3:02 p.m.

The president has taken his seat. While the session is being presided over by the Senate President, Godswill Akpabio, and the House Speaker, Abass Tajudeen.

3:04 p.m.

The senate president directed Abia North Senator, Orji Kalu, to lead the joint session in a Christian prayer. The senator is praying for the president’s success, the National Assembly and Nigerians.

3:03 p.m.

Senate President Godswill Akpabio called the joint session to order. He invited Senator Uzor Kalu to lead members in a Christian prayer, followed by Garba Maidoki, who led the Muslim prayer.

3:08 p.m.

Mr Akpabio is welcoming President Tinubu and the Vice President, Kashim Shettima, to the joint session. He is also welcoming the entourage of the president, which includes state governors and the leadership of the All Progressives Congress

3:10 p.m.

The senate president said the joint sitting of the National Assembly is very rare in the history of Nigeria’s democracy. He said the lawmakers have assembled to engage in building a stronger future for generations to come.

Mr Akpabio welcomed President Tinubu and his entourage to the joint session, as well as all members present

Addressing the chamber, Mr Akpabio said the gathering marked a “defining national conversation about our priorities as a people, our responsibilities as leaders, and our collective resolve to build a stronger and more just future for generations to come.”

He commended the president for his punctuality, noting that it was unprecedented, and extended congratulations on behalf of the members of the National Assembly.

Mr Akpabio described the National Assembly as the President’s political birthplace, “the cradle of your public service journey and the crucible in which your leadership was tested, refined, and ultimately forged for national destiny.”

Highlighting the value of cooperation between the executive and legislative arms, Mr Akpabio stressed that national progress depends on institutions working in concert.

He observed that while some view collaboration between the National Assembly and the executive as a sell-out, history demonstrates otherwise.

“Nations advance when the executive and legislature work together and falter when the two become locked in hostilities,” he said, citing Franklin Roosevelt’s New Deal in the United States as an example of an effective executive-legislature partnership that reshaped society.

3:15 p.m.

Mr Akpabio said a nation’s budget will tell how it cares about security. He said figures in the 2026 figures will serve as a roadmap for the national renewal.

He acknowledged the high cost of living and insecurity in the country and noted that the country is in a period of restoring public trust. He also maintained that although the economic reforms of the president are harsh, but are now yielding positive results.

3.26 p.m.

Mr Akpabio emphasised that the nation thrives when state organs act as partners under the Constitution rather than as adversaries.

“The present remains consistent. When the organs of state treat each other as adversaries, the nation pays the price. But when they act as partners, stability deepens, reforms take root, and progress becomes possible,” he said.

3:22 p.m.

Mr Akpabio said the Tinubu government is restoring the long-standing public trust in governance in Nigeria. He said prosperity is on the way for Nigeria.

The senate president also acknowledged that there’s poverty in the country and said the lawmakers are also sharing in the pains of Nigerians.

3.28 p.m.

Mr Akpabio noted the challenges Nigerians have faced over the past year, including rising costs for families, economic adjustments by businesses, youth concerns about fairness and opportunities, and persistent insecurity.

“Yet, history teaches us that Nigeria does not retreat in the face of difficulty.

We confront challenges with resilience, shared purpose, and the belief that tomorrow can be better than today,” he said.

3. 32 p.m.

Mr Akpabio sympathised with those who have lost their lives as a result of the insecurity challenges and noted that the government is working hard to fight insecurity.

He also congratulated President Tinubu for deploying Nigerian military troops to the Benin Republic to restore peace and protect democratic institutions in the neighbouring West African country.

3.33 p.m.

Highlighting the role of government and citizens, Mr Akpabio said, “Every challenge before us is an invitation to build a more equitable economy, secure our communities, restore trust in public life, and ensure that the promise of Nigeria is delivered today.”

3:24 p.m.

Mr Akpabio begs Mr Tinubu to reconsider the withdrawal of police personnel from VIPs and exclude lawmakers from the directive

3:51 p.m.

President Tinubu has mounted the podium. He said he’s happy to be in the midst of the lawmakers.

The president greeted the governors, ministers and all members of his entourage.

Mr Akpabio said, “As we direct the security agencies to withdraw policemen from critical areas, some members have asked me to inform you that they may not be able to go home today because of this change. We plead with you, Mr President, for a review of the decision.”

Mr Akpabio invites President Tinubu to present the 2026 budget.

Mr Tinubu begins his address.

3:38 p.m.

Mr Tinubu is speaking on abandoned projects and running multiple budgets.

The president acknowledged that operating multiple budgets in a single year is a problem and pledged that his administration will terminate the operation of multiple budgets soon. He assured that all existing budgets running concurrently will be concluded by March 2026.

Mr Tinubu said, “The remark of the senate president has got me relaxed. I’m happy to be back in a club of great people, great minds, great thinkers, and the essence of our democracy.

Members of the cabinet that are here, your excellencies, the governors, past and present, members of this honourable hallow chamber, it is good to be back.

The president has started introducing the budget. He said the budget is aimed at ensuring stability and developing the nation. He said the budget aims to further develop the nation’s economy, claiming that Nigeria’s economy is increasing, and food items commodities, and energy prices have been stabilised.

He noted that production has improved, security is improving and thanked the National Assembly members for passing the Tax Reforms Bill, saying that it is restoring investors’ confidence.

The president said the 2025 budget performed poorly in the third quarter of the year by recording N18.6 trillion, representing 61 per cent projected target. He acknowledged that the government’s record is poor.

The president assured that the government will spend with purpose. He said the 2026 budget is anchored on reality.

On the budget parameters, he said the expected total revenue is N58 trillion, debt servicing N3.5 trillion, Recurrent Non-debt expenditure N15.2 trillion and capital expenditure is N26 trillion.

Mr Tinubu said his government will invest in security with “clear accountability for outcomes,” emphasising that security spending must translate into real results.

He added that the priority will be to increase the fighting capability of the armed forces and other security agencies through personnel expansion and procurement of cutting-edge platforms and equipment.