FG set to present 2026 budget to NASS Friday

The Clerk to the National Assembly (CNA) has disclosed that President Bola Tinubu will on Friday present the 2026 budget estimates to a joint session of the National Assembly.

The disclosure was made on Wednesday through a memo titled “Presentation of 2026 Budget,” dated December 17, 2025.

The memo was signed by the Secretary, Human Resources and Staff Development, Essien Eyo Essien, confirming arrangements for the president’s appearance before federal lawmakers.

“I am directed to inform you that the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency, Bola Ahmed Tinubu, GCFR, is presenting the 2026 proposed budget to the Joint Session of the National Assembly at 2:00 pm, on Friday, 19th December, 2025.

“Consequently, all accredited persons must endeavour to be at their duty posts by 11:00 am, otherwise they would not be allowed access into the Complex for security reasons. Non-accredited persons should stay away from the National Assembly on that day.

“Except for the CNA, DCNA, CS, CHR and other Deputies, every other Member of Staff is required to park hs/her vehicle at available spaces at the Annex or the new car park by NASS Gate,” the letter read in part.

Meanwhile, the House is expected to approve the 2026-2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) which was stepped down by the leave of the House during Wednesday’s plenary, to allow the joint Committees on Finance and National Planning to address the gaps and return with clear funding plans.

According to the joint Committees’ fundings, following a thorough review of the submissions presented by the MDAs and GOEs, the Committees noted that the projected crude oil benchmark prices are US$64.85, US$64.30 and US$65.50 per barrel for 2026, 2027 and 2028 respectively; Nigeria’s crude oil output performance based on OPECs output target, had been impressive within the period under review. For instance, Nigeria recorded one of the strongest month-on-month production gains among OPEC members in November 2025 according to the December 2025 OPEC Monthly Oil Market Report.

The joint Committees also observed that the projected exchange rate stands at N1,512, N1,432.15 and N1,383.18 for 2026, 2027 and 2028, respectively; inflation rates projections are 16.5%, 13% and 9% for 2026, 2027 and 2028 respectively; the real GDP growth rate is projected at 4.68%, 5.96% and 7.9% for years 2026, 2027 and 2028 respectively. The prospect for growth in 2026 was assessed to be high in anticipation of the gains of reforms.

It was further observed that the new tax regime will activate veritable economic reform and development; in line with the ongoing economic reforms and the activation of the Tax Act, it has been observed the Federal Government implementation of a National Scanning Policy within the National Single Window of the Nigeria Revenue Services (NRS), in collaboration with the relevant Agencies. This will enhance revenue assurance, improve trade facilitation, reduce leakages, and strengthen transparency and national security.

According to the report listed on the Order Paper, the criteria in the overview of the framework for revenues and expenses, the 2026 FGN Budget proposed spending stands at N54.46 trillion, of which N34.33 trillion is FGN retained revenue; new borrowings stood at N17.88 trillion which constitutes both domestic and foreign borrowings; debt service was valued at N15.52 trillion; pensions, gratuities and retirees’ benefits stood at N1.376 trillion and fiscal deficit at N20.13 trillion; Capital expenditure is projected at N20.131 trillion which is exclusive of transfers. Statutory transfers stand at N3.152 trillion; Sinking Fund is projected at N388.54 billion; while total recurrent (non-debt) is projected at N15.265 trillion; special intervention for recurrent and capital is pegged at N200 billion and N14 billion respectively.

In the light of the above findings, the Committees recommends that the projected crude oil benchmark prices of US$64.85, US$64.30 and US$65.50 per barrel for 2026, 2027 and 2028 respectively, be reduced to US$60 for 2026, US$65 for 2027 and US$70 for 2028. This is in recognition of the global geopolitical tensions in Europe and the Middle East and the sensitivity of global crude oil price; the projection for domestic crude oil production for 2026, 2027 and 2028 are 1.84 mbpd, 1.88 mbpd and 1.92 mbpd, respectively be sustained; while the projected exchange rate for 2026, 2027 and 2028, are N1,512, N1,43215 and N1,383.18, respectively, should be sustained in line with Central Bank of Nigeria’s policy to stabilize the naira and promote effective fiscal and monetary policy coordination.

The joint Committees also recommended that inflation rates projections for 2026, 2027 and 2028 are 16.5%, 13% and 9%, respectively, be sustained based on the commitment of the nation’s monetary policy authority to moderate inflationary pressure the GDP growth rate projected at 4.68%, 5.96% and 7.9% for years 2026, 2027 and 2028 respectively.

“Amidst reform in the Nigerian economy and prospect for reforms to take effect in 2026, it recommended that the projection for real GDP be sustained. The real GDP growth rate projected at 4.68%, 5.96% and 7.9% for years 2026, 2027 and 2028 respectively, be sustained in anticipation of the gains of Tax reforms; effective implementation of the new Tax Acts as veritable instruments for economic reforms for growth and development.

“In line with the ongoing economic reforms and the activation of the Tax Act, it is recommended that the Federal Government implement a National Scanning Policy within the National Single Window of the Nigeria Revenue Services (NRS), in collaboration with the relevant Agencies. This will enhance revenue assurance, improve trade facilitation, reduce leakages, and strengthen transparency and national security.

“The framework for revenues and expenses, the 2026 FGN Budget proposed spending which stands at N54.46 trillion, of which N34.33 trillion is FGN retained revenue; new borrowings stood at N17.88

trillion which constitutes both domestic and foreign borrowings; debt service was valued at N15.52 trillion; pensions, gratuities and retirees’ benefits stood at N1.376 trillion and fiscal deficit at N20.13 trillion, be sustained.

“The capital expenditure (exclusive of transfers) of N20.131 trillion, Statutory transfers of N3.152 trillion; and Sinking Fund, projected at N388.54 billion, be sustained; total recurrent (non-debt) projected at N15.265 trillion; special intervention for recurrent and capital pegged at N200 billion and N14 billion respectively, be sustained.”

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