FG Targets ₦34.33trn Revenue in 2026 Budget
President Bola Ahmed Tinubu on Friday presented the 2026 Appropriation Bill to a joint session of the National Assembly, projecting a total revenue of ₦34.33 trillion as part of a fiscal framework aimed at consolidating economic reforms, strengthening resilience and promoting shared prosperity.
Presenting the budget titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” Tinubu said the revenue projection reflects the administration’s commitment to realism, prudence and sustainable growth amid lingering global and domestic economic pressures.
According to the President, the revenue outlook is anchored on improved tax administration, ongoing reforms in the oil and gas sector, and enhanced efficiency across government-owned enterprises (GOEs). He noted that the focus is not merely on raising revenue, but on building a transparent, fair and value-driven fiscal system.
“Our projections are realistic and achievable. We are strengthening revenue mobilisation through efficiency, transparency and compliance, while sealing leakages that have undermined public finance for years,” Tinubu told lawmakers.
The President disclosed that the revenue target would be supported by the implementation of new National Tax Acts, end-to-end digitisation of revenue collection, and stricter performance monitoring of Ministries, Departments and Agencies (MDAs). He added that heads of revenue-generating agencies would be held accountable for meeting assigned targets, with remittances tied to performance evaluations.
Tinubu said early signs of economic recovery were already evident, citing improved oil production, expanded non-oil revenues, rising investor confidence and external reserves at a seven-year high of about $47 billion, providing over 10 months of import cover.
He stressed that the 2026 revenue framework is designed to support macroeconomic stability, reduce reliance on borrowing and ensure that public spending delivers measurable benefits to Nigerians.
“The numbers before you are not mere accounting lines. They are a statement of national priorities and our resolve to manage public resources with discipline and purpose,” the President said.
The 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper underpinning the budget is based on a conservative crude oil benchmark of $64.85 per barrel, oil production of 1.84 million barrels per day, and an exchange rate of ₦1,400 to the dollar.
Tinubu urged the National Assembly to partner with the Executive to ensure the successful implementation of the budget, assuring Nigerians that the government remains committed to easing the burden of reforms and delivering inclusive growth across the federation.