House of Representatives Passes Tinubu’s ₦58.47 Trillion 2026 Budget for Second Reading
The House of Representatives on Thursday passed President Bola Tinubu’s ₦58.47 trillion 2026 Appropriation Bill for second reading, marking a major legislative step in the federal government’s fiscal planning for the coming year.
The 2026 budget proposal, titled “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” scaled through the House during plenary without debate, reflecting broad legislative consensus at this stage of consideration.
Overview of the 2026 Budget Proposal
President Tinubu had formally presented the 2026 Appropriation Bill to a joint sitting of the National Assembly in December last year. Akahi News gathered that the proposal outlines an ambitious spending plan aimed at stabilising the economy, strengthening public finances, and driving sustainable growth.
A breakdown of the budget shows that total expenditure is projected at between ₦58.18 trillion and ₦58.47 trillion. Statutory transfers are estimated at ₦4.09 trillion, while ₦15.91 trillion has been earmarked for debt servicing.
Recurrent (non-debt) expenditure is put at ₦15.25 trillion, reflecting the government’s continued effort to manage the cost of governance amid fiscal pressures.
Capital Spending and Revenue Projections
Capital expenditure is projected at between ₦23.21 trillion and ₦26.08 trillion, with a significant portion of the funding expected to be disbursed through the Development Fund. Akahi News learnt that the emphasis on capital projects underscores the administration’s focus on infrastructure development and long-term economic expansion.
On the revenue side, the 2026 budget targets ₦34.33 trillion, leaving an estimated fiscal deficit of ₦23.85 trillion. The deficit is expected to be financed through a mix of domestic and external borrowing, as well as other approved funding mechanisms.
Lawmakers Highlight Fiscal Discipline
Presenting the general principles of the appropriation bill, the House Leader, Julius Ihonvbere, described the budget as a crucial instrument in Nigeria’s quest for peace, economic stability, growth, and sustainable development.
Ihonvbere commended the Tinubu administration for maintaining 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 stabilise the economy,” he said while addressing lawmakers.
Next Legislative Steps
Following the successful second reading, Speaker of the House of Representatives, Tajudeen Abbas, referred the 2026 Appropriation Bill to the House Committee on Appropriations for further legislative scrutiny and detailed consideration.
Akahi News understands that the committee is expected to engage relevant ministries, departments, and agencies in the coming weeks as part of the budget defence process before the bill returns to the floor for final passage.
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