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Tinubu’s Economic Reset: ₦58.18 Trillion 2026 Budget and the End of "Multiple Budgets"

By Oluwa Extone


Tinubu’s Economic Reset: ₦58.18 Trillion 2026 Budget and the End of "Multiple Budgets"

​President Bola Tinubu has just presented a historic ₦58.18 trillion 2026 Appropriation Bill to a joint session of the National Assembly. Titled the "Budget of Consolidation, Renewed Resilience, and Shared Prosperity," this bill represents a hard "reset" for Nigeria’s fiscal management.

​1. Terminating the "Multiple Budget" System

​The biggest news in the President’s address was his vow to stop the practice of running multiple budgets concurrently.

  • ​The Problem: For years, Nigeria has had overlapping budgets (e.g., spending from 2024 and 2025 at the same time), leading to abandoned projects and confusion.

  • ​The Solution: Tinubu has requested the National Assembly to repeal and re-enact the 2024 and 2025 budgets into a single document. By March 31, 2026, all capital liabilities from previous years will be closed. From April 2026, Nigeria will operate on a single revenue cycle.

​2. Budget Breakdown at a Glance

​The proposed ₦58.18 trillion for 2026 includes:

  • ​Debt Servicing: Significant allocations to manage the nation's debt.

  • ​Recurrent Expenditure: Funding for government operations and salaries.
  • ​Capital Expenditure: A major focus on finishing priority 2024 and 2025 projects during the transition period.

3. The 2025 Tax Law Controversy

​While the President is pushing the 2026 budget, his previously signed 2025 Tax Laws (signed in June and set to take effect in January 2026) are currently facing a storm.

  • ​Allegations of "Forgery": This weekend, opposition leaders and the ADC (African Democratic Congress) called for the suspension of these tax laws. They claim the gazetted version contains "criminal insertions" that were not in the version passed by the National Assembly.

  • ​What’s at Stake: These laws include the Nigeria Tax Act and the transformation of the FIRS into the Nigeria Revenue Service (NRS).

​4. Security Strategy: Non-State Actors as Terrorists

​Alongside the budget, President Tinubu made a bold security declaration. He stated that all armed non-state actors operating outside state authority will now be officially classified and treated as terrorists. This move is aimed at tightening the country’s security architecture to protect the investments outlined in the new budget.

​What This Means for Nigerians

  • ​March 31, 2026 Deadline: Expect a rush by the government to complete ongoing road and infrastructure projects before the "reset."

  • ​Tax Changes: If the 2025 Tax Acts proceed as planned, individuals earning ₦800,000 or less per year will be exempt from income tax starting in January.

  • ​Fiscal Discipline: The President is betting on "hard discipline" to stabilize the Naira and bring down inflation, which he noted has moderated to 14.45% in November 2025.

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