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As Defence, Security Gulps N5.41trn from Allocation
- Safiu Kehinde
President Bola Tinubu has on Friday presented N58.47 trillion budget proposal for the 2026 fiscal year to a joint session of the National Assembly.
Tinubu who had earlier arrived at the legislative chamber presented the budget before members of the Senate and House of Representatives.
The budget, christened, “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, had capital recurrent (non‑debt) expenditure standing at N15.25 trillion with capital expenditure pegged at N26.08 trillion.
Crude oil benchmark for the new fiscal year was projected at US$64.85 per barrel with crude oil production of 1.84 million barrels per day and an exchange rate of N1,400 to the US Dollar.
Tinubu declared expected total revenue to be N34.33 trillion while projected total expenditure stand at N58.18 trillion, including N15.52 trillion for debt servicing.
The budget deficit is N23.85 trillion, representing 4.28% of GDP.
Meanwhile, the revenue allocation saw Defence and Security gulped a total of N5.41 trillion followed be infrastructure with N3.56 trillion.
A total of N3.52 trillion was allocated to education while health gets N2.48 trillion.
More details later…