House of Representatives Approves Tinubu's ₦58.18trn 2026 Budget for Second Reading

House of Representatives Approves Tinubu’s ₦58.18trn 2026 Budget for Second Reading

Nigeria’s House of Representatives has moved President Bola Tinubu’s ₦58.18 trillion 2026 Appropriation Bill to its second reading, with lawmakers defending the proposal as essential to sustaining recent economic improvements.

The spending plan, titled “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” received overwhelming voice vote approval on Thursday, setting the stage for detailed committee scrutiny after a two-week recess for budget defense sessions.

House Leader Julius Ihonvbere acknowledged the difficulties Nigerians face under ongoing reforms but argued the administration inherited weakened institutions that required painful restructuring.

“Development that is not sustainable is not development at all,” Ihonvbere stated, pointing to what he described as encouraging economic trends: growth projected at 3.98 percent, inflation declining to 14.45 percent from approximately 25 percent, and the naira strengthening to ₦1,400 per dollar from over ₦1,800.

He also noted foreign reserves reaching nearly $47 billion—a seven-year peak—and emphasized that the government has avoided printing new currency, a practice he credited with helping stabilize the economy.

The budget projects ₦34.33 trillion in revenue against ₦58.18 trillion in spending, creating a ₦23.85 trillion deficit. Capital expenditure of ₦26.08 trillion exceeds the ₦15.25 trillion allocated for non-debt recurrent costs—a shift lawmakers characterized as prioritizing infrastructure over routine spending.

Key assumptions include oil production of 1.84 million barrels daily at $64.85 per barrel.

Security and defense command the largest sectoral allocation at ₦5.41 trillion, followed by infrastructure (₦3.56 trillion), education (₦3.54 trillion), and health (₦2.48 trillion).

Representatives emphasized their oversight role while supporting the framework, with one noting: “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.”