Reps approve N58.47trn 2026 Budget for second reading

The House of Representatives has approved the ₦58.47 trillion 2026 Appropriation Bill for second reading.

President Bola Tinubu had earlier presented the proposed budget to a joint session of the National Assembly on December 19, 2025.

The budget allocation includes ₦4.09 trillion for statutory transfers, ₦15.90 trillion for debt servicing, ₦15.25 trillion for recurrent expenditure (excluding debt), and ₦23.21 trillion for capital projects through the Development Fund.

Key assumptions guiding the budget include an oil price benchmark of $64.85 per barrel, daily crude oil production of 1.84 million barrels, and an exchange rate of ₦1,400 to the dollar.

The bill, titled “A Bill for an Act to Authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦58,472,628,944,759 for the year ending December 31, 2026 (HB.2682),” was sponsored by House Leader, Hon. Julius Ihonvbere.

While leading the debate, Ihonvbere called on lawmakers to support the proposal, describing it as forward-looking. He highlighted expectations of 3.98 percent economic growth, reduced inflation to 14.45 percent, increased revenue, stronger exports, and improved foreign investment.

He also noted that the naira has stabilised around ₦1,400 per dollar, compared to over ₦1,800 previously, while external reserves have risen to about $47 billion.

“We have not printed a single naira since this government came into office. That fiscal discipline has helped stabilise the economy.”

He added that total revenue is estimated at ₦34.33 trillion against ₦58.18 trillion in expenditure, resulting in a deficit of ₦23.85 trillion. Capital spending is projected at ₦26.08 trillion, surpassing recurrent spending.

“This is a departure from the past, where recurrent spending outweighed capital investment. Here, capital expenditure is higher, which is what drives real development,” Ihonvbere said.

Following the debate, lawmakers overwhelmingly supported the bill during a voice vote presided over by Speaker Tajudeen Abbas.

The House later adjourned plenary to February 17, 2026, to allow members to further review the budget proposal.