The House of Representatives on Thursday began formal discussions on President Bola Ahmed Tinubu’s 2026 Appropriation Bill, endorsing a proposed ₦58.18 trillion budget designed to consolidate macroeconomic stability, strengthen security, and expand capital investment.
Christened “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” the 2026 fiscal plan was presented to the National Assembly on December 19, 2025, and has been described by lawmakers as a defining step in Nigeria’s economic re‑engineering.
House Leader Rep. Julius Ihonvbere said the administration inherited “distorted and disarticulated institutions” and warned that reforms would be difficult but necessary.
“Development that is not sustainable is not development at all,” he told colleagues, urging Nigerians to accept painful but essential adjustments for long‑term growth.
Ihonvbere cited projections of 3.98% GDP growth in 2026, inflation easing to 14.45% from about 25%, improved revenues, export growth, and rising foreign direct investment. He pointed to naira stability and stronger reserves as evidence of fiscal discipline.
“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 added: “We have not printed a single naira since this government came into office. That fiscal discipline has helped stabilise the economy.”
Under the budget, revenue is projected at ₦34.33 trillion, expenditure at ₦58.18 trillion, leaving 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.
Sectoral Allocations and Next Steps
The budget assumes an oil benchmark of $64.85 per barrel and production of 1.84 million barrels per day. Sectoral allocations include:
- Security and defence – ₦5.41 trillion
- Infrastructure – ₦3.56 trillion
- Education – ₦3.54 trillion
- Health – ₦2.48 trillion
Lawmakers also highlighted the administration’s international engagements, including recent missions to Türkiye, aimed at improving the business environment and attracting investment.
Members stressed that the budget represents more than figures, reflecting commitments to fiscal discipline, tax reforms, plugging leakages, 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.
Following contributions, the Speaker put the question to a voice vote, with the “ayes” prevailing to approve the bill for second reading.
“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,” Ihonvbere concluded.
The House adjourned plenary for two weeks to allow for scheduled budget defence sessions.
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