Author: Gist Correspondent

The House of Representatives on Thursday passed the ₦58.472 trillion 2026 Appropriation Bill for second reading and adjourned plenary for two weeks to enable ministries, departments and agencies (MDAs) to defend their budget proposals.

The budget, presented to the National Assembly by President Bola Ahmed Tinubu on December 19, 2025, was unanimously approved following an executive session by lawmakers. Debate on the bill, earlier scheduled for Wednesday, was deferred to Thursday.

Leading the debate, House Leader, Prof. Julius Ihonvbere, described the 2026 budget as a critical step in Nigeria’s journey towards peace, growth, stability and sustainable development, echoing the President’s submission.

Ihonvbere said sustainable development could not be achieved without growth, noting that the process of economic restructuring and reform was often difficult and painful, particularly given the challenges inherited by the current administration.

He cited key macroeconomic indicators, including a reported 3.98 per cent economic growth rate, a decline in inflation to 14.45 per cent from about 25 per cent, increased revenues, growth in exports and improved foreign direct investment inflows. He also noted the stabilisation of the naira and the rise in external reserves to about $47 billion, the highest in seven years.

According to him, the 2026 budget projects total revenue of ₦34.33 trillion against total expenditure of ₦58.18 trillion, resulting in a deficit of ₦23.85 trillion. Recurrent non-debt expenditure is estimated at ₦15.25 trillion, while capital expenditure stands at ₦26.08 trillion.

He said the higher allocation to capital expenditure reflected the government’s commitment to sustainable development, adding that security and defence had also been prioritised in the spending plan.

Ihonvbere urged lawmakers to support the administration through effective oversight, improved revenue generation, blocking of leakages and enforcement of new tax laws to ensure sound budget implementation.

In his remarks, Speaker of the House, Abbas Tajudeen, said about 70 per cent of the budget content had already been debated in 2025, noting that there were few new additions. He thereafter put the bill to a voice vote, after which it was passed for second reading.

The House subsequently adjourned plenary to allow MDAs commence defence of their respective budget estimates.