President Bola Tinubu is scheduled to present the 2026 budget to a joint session of the National Assembly today at 2 p.m.
The presentation follows a letter from the President to the Senate seeking confirmation for the annual budget address. Senate President Godswill Akpabio read the letter during plenary, noting the proposed schedule and agreeing to consult with the President after concerns were raised by some lawmakers that the timing coincided with Muslim prayers.
Tinubu had previously presented a ₦49.7tn budget proposal for 2025 to a joint session of the National Assembly on December 18, 2024. Key allocations in that proposal included ₦4.91tn for defence and security, ₦4.06tn for infrastructure, ₦2.4tn for health, and ₦3.5tn for education. The 2025 proposal was about ₦20tn higher than the 2024 budget, which had initially been pegged at ₦27.5tn but was later adjusted by the Senate to ₦28.7tn.
In the 2025 budget, crude oil production was projected at 2.06 million barrels per day, with plans to reduce the importation of finished petroleum products while increasing the exportation of refined petroleum products.
Addressing the National Assembly, Tinubu emphasized his commitment to economic renewal, stating that the government’s reforms were yielding results with no reversals. He acknowledged the persistent challenges of corruption and insecurity but described them as surmountable through collaboration.
“The time for lamentation is over. The time to act is now,” he said, urging lawmakers to join in rewriting the narrative of the nation and implementing policies that ensure economic progress.
