Reps pass N58.47trn 2026 budget for second reading

The House of Representatives on Wednesday passed for second reading the N58.47 trillion Appropriation Bill for the 2026 fiscal year, following a lead debate by the House Leader, Hon. Julius Ihonvbere.

The bill seeks to authorise the issuance of a total sum of N58,472,628,944,759 from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2026.

Of the total sum, N4.09 trillion is proposed for statutory transfers, N15.91 trillion for debt servicing, and N15.25 trillion for recurrent (non-debt) expenditure, while N23.21 trillion is earmarked for capital expenditure through contributions to the Development Fund.

Leading the debate, Ihonvbere said the 2026 budget, christened “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” was presented to the National Assembly by President Bola Tinubu on December 19, 2025, and represents a “defining moment in Nigeria’s quest for peace, growth, stability and sustainable development.”

He stressed that development without sustainability was merely temporary, noting that economic growth often comes with difficult and painful adjustments, especially given what he described as “distorted and disarticulated institutions and structures” inherited by the present administration.

According to him, while statistics may sometimes be misleading, they remain important indicators of progress.

He said Nigeria recorded an economic growth rate of 3.98 per cent ahead of the 2026 budget, while inflation dropped to 14.45 per cent from about 25 per cent.

Ihonvbere also cited improvements in revenue generation, export growth and foreign direct investment, attributing some of the gains to the President’s international engagements aimed at strengthening economic partnerships.

He noted that the naira had remained relatively stable around N1,400 to the dollar, down from over N1,800, adding that the Federal Government had not printed new money since assuming office, a move he said helped stabilise the economy.

He further disclosed that Nigeria’s external reserves had risen to about $47 billion, a seven-year high, sufficient to cover over 10 months of imports.

Outlining the fiscal framework of the 2026 budget, the House Leader said total revenue was projected at N34.33 trillion, against total expenditure of N58.18 trillion, leaving a deficit of N23.85 trillion.

He explained that capital expenditure was put at N26.08 trillion, exceeding recurrent spending, which he described as a clear commitment to sustainable development, unlike previous budgets where recurrent expenditure dominated.

The budget assumptions include an oil benchmark of $64.85 per barrel and oil production of 1.84 million barrels per day.

Ihonvbere said key sectors were prioritised, with N5.41 trillion allocated to security and defence, N3.56 trillion to infrastructure, N3.54 trillion to education, and N2.48 trillion to health.

Describing the budget as a promise and an expression of the government’s expectations, he said the administration was committed to fiscal discipline, improved revenue performance, macroeconomic stability, a better business environment, human capital development and effective debt management.

He urged lawmakers to support the proposal, noting that a significant portion of the budget had already been debated in the previous fiscal year.

Following the debate, the Speaker put the question to a voice vote, with the “ayes” carrying the day.

The bill was thereafter read a second time and referred to the House Committee on Appropriations for further legislative action.

Nigerians can now invest ₦2.5 million on premium domains and profit about ₦17-₦25 million. All earnings paid in US Dollars. Rather than wonder, click here to find out how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.