House of Representatives pass N58.47tn 2026 budget

The House of Representatives on Thursday passed President Bola Tinubu’s N58.47 trillion 2026 Appropriation Bill for second reading.

The 2026 budget proposal, titled “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” sailed through during plenary without debate.

President Tinubu had presented the 2026 budget to a joint sitting of the National Assembly in December last year.
The breakdown of the proposal shows that total expenditure is estimated at between N58.18 trillion and N58.47 trillion. Statutory transfers are pegged at N4.09 trillion, while N15.91 trillion is earmarked for debt servicing. Recurrent (non-debt) expenditure stands at N15.25 trillion.

Capital expenditure is projected at between N23.21 trillion and N26.08 trillion, with most of the funding expected to be disbursed through the Development Fund.

On the revenue side, the budget targets N34.33 trillion, leaving a fiscal deficit of N23.85 trillion.

Presenting the general principles of the bill, the House Leader, Julius Ihonvbere, described the budget as a critical step in Nigeria’s drive toward peace, economic stability, growth, and sustainable development.

He said the Tinubu administration has maintained fiscal discipline, noting that no new naira has been printed since the government assumed office, particularly through the Central Bank of Nigeria’s Ways and Means advances.

“We have not printed a single naira since this government came into office. That fiscal discipline has helped to stabilize the economy,” Ihonvbere said.

Following the second reading, Speaker of the House Tajudeen Abbas referred the appropriation bill to the House Committee on Appropriations for further legislative consideration.