The House of Representatives on Thursday passed President Bola Tinubu’s N58.47 trillion 2026 Appropriation Bill for its second reading. The budget proposal, titled the “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” moved forward without debate during the plenary session.
The budget, which President Tinubu presented to the National Assembly in December of the previous year, estimates total expenditure between N58.18 trillion and N58.47 trillion. Key allocations include N4.09 trillion for statutory transfers, N15.91 trillion for debt servicing, and N15.25 trillion for recurrent (non-debt) expenditure. Capital expenditure is projected to be between N23.21 trillion and N26.08 trillion.
The revenue side targets N34.33 trillion, resulting in a projected fiscal deficit of N23.85 trillion.
Presenting the general principles, House Leader Julius Ihonvbere emphasized that the budget is a crucial step toward Nigeria’s stability and development. He highlighted the administration’s fiscal discipline, stating that “We have not printed a single naira since this government came into office. That fiscal discipline has helped to stabilize the economy,” particularly by avoiding Ways and Means advances from the Central Bank of Nigeria. Ihonvbere also noted positive economic indicators, such as the naira stabilizing around N1,400 to the dollar and foreign reserves reaching a seven-year high.
Following the second reading, Speaker Tajudeen Abbas referred the appropriation bill to the House Committee on Appropriations for further legislative consideration
