The House of Representatives on Thursday approved the ₦58.47 trillion 2026 Appropriation Bill for second reading, setting the stage for detailed legislative scrutiny of the proposal.
The budget, which is anchored on economic stability, enhanced security and increased capital investment, was presented to a joint session of the National Assembly by President Bola Tinubu on December 19, 2025.
Tagged “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the proposal outlines the Federal Government’s fiscal plan for the 2026 financial year.
Leading the debate on the general principles of the bill, the House Leader, Prof. Julius Ihonvbere, said the administration inherited a difficult economic situation, noting that the ongoing reforms, though painful, were necessary for long-term growth.
“Development that is not sustainable is not development,” Ihonvbere told lawmakers, adding that the reforms would eventually translate into broad-based prosperity.
He urged members to support the budget, citing key macroeconomic projections, including a 3.98 per cent economic growth rate for 2026 and a reduction in inflation to 14.45 per cent from about 25 per cent.
According to him, improvements have also been recorded in revenue generation, exports and foreign direct investment.
“The naira has stabilised at about ₦1,400 to the dollar from over ₦1,800, while our external reserves have risen to about $47 billion, the highest in seven years,” he said.
He further stated that fiscal discipline had helped stabilise the economy.
“We have not printed a single naira since this government came into office, and that discipline has contributed to economic stability,” Ihonvbere said.
The proposed budget projects ₦34.33 trillion in total revenue against ₦58.18 trillion in expenditure, resulting in a deficit of ₦23.85 trillion. Non-debt recurrent spending is estimated at ₦15.25 trillion, while capital expenditure stands at ₦26.08 trillion.
“This marks a shift from previous budgets where recurrent expenditure dominated. Capital spending is now higher, and that is what drives real development,” he added.
Budget assumptions include an oil benchmark price of $64.85 per barrel and daily oil production of 1.84 million barrels.
Sectoral allocations show security and defence receiving ₦5.41 trillion, infrastructure ₦3.56 trillion, education ₦3.54 trillion, and health ₦2.48 trillion.
Calling on lawmakers to exercise oversight, Ihonvbere said, “We are not saying the government is perfect, but as representatives of 360 constituencies, it is our responsibility to guide it to do the right things.”
With no objections raised during plenary, Speaker Tajudeen Abbas put the bill to a voice vote, and lawmakers unanimously approved its passage for second reading.
The Speaker later announced a two-week recess to allow committees and members to work on the budget ahead of its final consideration. The House is expected to reconvene on February 17, 2026.
