The House of Representatives on Thursday began discussions on President Bola Ahmed Tinubu’s 2026 Appropriation Bill, endorsing a proposed ₦58.18 trillion budget anchored on macroeconomic stability, enhanced security, and increased capital expenditure.
Christened “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the 2026 budget was presented to the National Assembly on December 19, 2025, and has been lauded by lawmakers as a defining moment in Nigeria’s economic re‑engineering.
Speaking on the general principles of the appropriation bill, House Leader Rep. Julius Ihonvbere said the Tinubu administration inherited “distorted and disarticulated institutions,” and warned that meaningful reforms would be difficult but necessary.
“Development that is not sustainable is not development at all,” Ihonvbere told the House.
He urged Nigerians to recognise the need for painful but essential economic adjustments, saying they are critical to long‑term growth.
Ihonvbere cited key indicators to justify support for the budget, including an anticipated 3.98% economic growth rate going into 2026, a drop in inflation to 14.45% from about 25%, improved government revenues, export growth, and rising foreign direct investment.
The lawmaker noted improvements in the value of the naira and foreign reserves as evidence of fiscal discipline under the current administration.
“The naira has stabilised around ₦1,400 to the dollar, down from over ₦1,800, while Nigeria’s external reserves have climbed to a seven‑year high of about $47 billion, sufficient to cover more than 10 months of imports,” he said.
He also emphasised that “We have not printed a single naira since this government came into office. That fiscal discipline has helped stabilise the economy.”
Under the 2026 budget, total revenue is projected at ₦34.33 trillion, total expenditure stands at ₦58.18 trillion, resulting in a deficit of ₦23.85 trillion.
Non‑debt recurrent expenditure is pegged at ₦15.25 trillion, while capital expenditure is set at ₦26.08 trillion — a structure lawmakers said reflects a shift toward development‑driven spending.
“This is a departure from the past, where recurrent spending outweighed capital investment. Here, capital expenditure is higher, which is what drives real development,” Ihonvbere said.
The budget’s assumptions include an oil benchmark of $64.85 per barrel and oil production of 1.84 million barrels per day.
Sectoral allocations show key priorities as security and defence – ₦5.41 trillion; infrastructure – ₦3.56 trillion; education – ₦3.54 trillion; and health – ₦2.48 trillion.
Lawmakers also highlighted the administration’s aggressive international engagements — including recent diplomatic and economic missions to countries such as Türkiye, as part of efforts to improve the business environment and attract investment.
Members of the House stressed that the budget is more than numbers; it represents executive commitments to fiscal discipline, improved revenue through tax reforms, plugging of leakages, consolidation of macroeconomic stability, and human capital development.
“We are not saying the government is perfect, but it is our duty, as representatives of 360 constituencies, to guide it to do the right things at all times,” Ihonvbere said.
After contributions from members, the Speaker of the House put the question to a voice vote, with the “ayes” overwhelmingly prevailing to seal the budget’s approval.
The lawmaker stated, “This budget is a promise and a dream. If we work together, Nigeria will be a better place, not just for us, but for generations to come.”
The House then unanimously passed the budget for second reading and adjourned plenary for two weeks for the scheduled budget defence.
