…the House said the budget reflects the executive’s commitments to stronger fiscal discipline,
ABUJA, NIGERIA- The iNews Times | The House of Representatives on Wednesday approved President Bola Tinubu’s 2026 Appropriation Bill, endorsing a proposed N58.18 trillion budget built around macroeconomic stability, improved security, and increased capital investment.
Tagged “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the spending plan was presented to the National Assembly on December 19, 2025. Lawmakers described it as a pivotal step in Nigeria’s ongoing economic restructuring.
Leading the debate on the budget’s general principles, the House Leader, Mr. Julius Ihonvbere, said the Tinubu administration inherited “distorted and disarticulated institutions” and warned against expectations of painless reforms. He emphasized that sustainable development inevitably requires tough but necessary decisions.
“Development that is not sustainable is not development,” Ihonvbere stated, adding that while current reforms may be painful, they are crucial to positioning the country for long-term growth.
He pointed to key macroeconomic indicators to support the budget, including a projected 3.98 percent economic growth rate ahead of the 2026 fiscal year, a decline in inflation to 14.45 percent from about 25 percent, improved revenue performance, export growth, and increased foreign direct investment.
According to him, the naira has stabilised around N1,400 to the dollar, improving from over N1,800, while external reserves have risen to a seven-year high of approximately $47 billion enough to cover more than 10 months of imports.
“We have not printed a single naira since this administration assumed office. That level of fiscal discipline has helped stabilise the economy,” he said.
Under the budget framework, total revenue is projected at N34.33 trillion, with total expenditure set at N58.18 trillion, resulting in a deficit of N23.85 trillion. Non-debt recurrent expenditure is estimated at N15.25 trillion, while capital expenditure stands at N26.08 trillion, an allocation lawmakers said underscores the government’s commitment to sustainable development.
“This marks a clear break from the past, where recurrent spending exceeded capital investment. In this budget, capital expenditure takes the lead, which is essential for real development,” Ihonvbere noted.
The 2026 budget is based on an oil benchmark of $64.85 per barrel and daily oil production of 1.84 million barrels. Sectoral allocations prioritise security and defence, with N5.41 trillion earmarked to tackle insecurity and food challenges. Infrastructure will receive N3.56 trillion, education N3.54 trillion, and health N2.48 trillion.
Lawmakers also cited the administration’s robust international engagements to attract investment, including recent diplomatic and economic missions such as the visit to Turkey, aimed at improving the business climate and strengthening global partnerships.
Beyond the figures, the House said the budget reflects the executive’s commitments to stronger fiscal discipline, improved revenue generation through new tax measures, elimination of leakages, consolidation of macroeconomic stability, human capital development, and responsible debt management.
“We are not claiming the government is perfect, but as representatives of 360 constituencies, it is our responsibility to guide it to consistently do the right thing,” the lawmaker concluded.
After the contributions, the Speaker put the question to a voice vote, with the “ayes” carrying overwhelmingly, thereby securing the House’s approval of the budget.
The House then unanimously passed the budget for second reading and adjourned plenary for two weeks to allow for the budget defence.
