Reported by: Ijeoma G | Edited by: Gabriel Osa
Abuja, Nigeria — Nigeria’s main opposition party, the Peoples Democratic Party (PDP), has delivered a stark rebuke of President Bola Ahmed Tinubu’s 2026 federal budget proposal, accusing the government of presenting a fiscal plan that will deepen poverty, undermine living standards and entrench economic hardship for ordinary Nigerians rather than foster shared prosperity. The criticism underscores widening political and public anxiety over the direction of the country’s economic policy as the budget heads to the National Assembly for debate and approval.
President Tinubu unveiled the ₦58.18 trillion 2026 Appropriation Bill to the National Assembly on Friday, describing it as the “Budget of Consolidation, Renewed Resilience and Shared Prosperity.” The administration has highlighted its focus on debt sustainability, security, infrastructure, education and health, while projecting revenue of ₦34.33 trillion and a fiscal deficit of ₦23.85 trillion, equivalent to about 4.28 per cent of gross domestic product.
In response, the PDP dismissed the proposed budget as a document that “consolidates renewed sufferings” for Nigerians, rather than offering genuine economic relief or meaningful pathways to prosperity. In a statement released by the party’s National Publicity Secretary, Ini Ememobong, the opposition contended that while the government celebrates modest GDP growth, these statistics mask harsh economic realities on the ground for many citizens.
Pointing to figures from the 2025 World Bank Poverty and Equity Brief showing that more than 30.9 per cent of Nigerians live below the international extreme poverty line, the PDP argued that the apparent economic growth under President Tinubu has been “growth without prosperity.” The party insisted that the benefits of any macroeconomic gains have failed to reach the majority of Nigerians, who continue to grapple with soaring food costs, high inflation, unemployment and a deteriorating standard of living.
“The budget as presented represents unmitigated hardship on the people, while the governing class relishes in affluence,” the PDP said, highlighting a perceived disconnect between policy pronouncements and lived realities. The party’s critique resonated with broader concerns among analysts and civil society observers that growth figures alone do not automatically translate into improved welfare for the populace.
Security spending, while substantial in the 2026 budget, also drew scepticism from the PDP. Although the party acknowledged the allocation to defence and national security, it stressed that dollars alone cannot deliver safety without transparent and effective utilisation. The PDP called for funds to translate into modern equipment, adequate ammunition, improved intelligence capabilities and improved welfare for personnel engaged in ongoing operations against insurgents and criminal networks across the country.
Another key point of contention for the PDP was President Tinubu’s acknowledgment that the 2024 capital budget execution was extended into 2025 while the 2025 budget remains in force, a situation the opposition said highlights a pattern of concurrent budget operations. The party argued that allowing multiple budgets to run simultaneously undermines fiscal discipline, transparency and accountability, setting a dangerous precedent for governance and public finance management.
Critics within and beyond the PDP have also raised alarms about Nigeria’s rising debt burden and the significant portion of the budget earmarked for debt servicing, which consumes roughly a quarter of total proposed expenditure. Many observers caution that high debt servicing costs can squeeze resources available for critical social sectors and public investment, potentially stalling growth and exacerbating economic fragility.
Across Nigeria’s political landscape, responses to the 2026 budget have been mixed. While the ruling All Progressives Congress (APC) and its allies have defended Tinubu’s fiscal blueprint as realistic and necessary for stabilising the economy and tackling insecurity, opposition voices — led by the PDP — have painted a far less optimistic picture, warning that the plan may worsen living conditions for millions of Nigerians rather than offer a roadmap to shared prosperity.
Economic commentators also note that Nigeria’s reliance on oil revenue — the lifeblood of government income — continues to expose the economy to global price volatility and production uncertainties. With key budget assumptions anchored on a benchmark crude oil price of around USD 64.85 per barrel and production estimates of 1.84 million barrels per day, doubts persist over revenue certainty, especially amid fluctuating oil markets and domestic production challenges.
The debate over Tinubu’s 2026 budget arrives against a backdrop of persistent inflationary pressures, high unemployment, and uneven economic recovery from global shocks. Many Nigerians have voiced frustrations that the cost of living has risen sharply, even as official statistics suggest gradual macroeconomic improvements, leading to widespread public scepticism about whether government policy is keeping pace with ordinary citizens’ needs.
The PDP has urged the National Assembly to exercise robust oversight and reject components of the budget it views as anti-people or misaligned with national welfare objectives. Opposition lawmakers are expected to press for amendments that they say would reorient the fiscal plan toward job creation, economic inclusion, stronger social safety nets and enhanced transparency in public finance management.
As the legislative review process gets underway, the 2026 budget is likely to remain at the centre of heated political contestation in Nigeria, reflecting deep ideological divides over how best to steer the country through multiple economic and security challenges. The ultimate shape of the final appropriation and the government’s ability to implement it effectively will have significant implications for Nigeria’s economy and for millions of citizens eager for relief from hardship and a more promising economic future.
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