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By Christiana Ekpa
The House of Representatives on Tuesday passed the 2026 Appropriation Bill through second reading, approving a total proposed expenditure of N58.47 trillion.
The bill seeks to authorise the withdrawal of funds from the Consolidated Revenue Fund of the Federation for the financial year ending December 31, 2026.
A breakdown of the budget shows N4.09 trillion earmarked for debt servicing, N15.25 trillion for recurrent (non-debt) expenditure, N26.08 trillion for capital expenditure, and N15.91 trillion for statutory transfers. The proposal puts the budget deficit at about N23.85 trillion, with projected revenue of N34.33 trillion.
Leading the debate, the House Leader, Hon. Julius Ihonvbere, described the budget titled “The Budget of Consolidation, Renewed Resilience and Shared Prosperity”, as a defining moment in Nigeria’s quest for sustainable development, peace and economic stability.
Ihonvbere noted that while economic reforms are often painful, they are necessary to correct long-standing structural distortions inherited by the current administration. He stressed that development without sustainability, he said, is not development at all.
He highlighted key macroeconomic improvements, including economic growth of 3.98 per cent, a decline in inflation to 14.45 per cent from about 25 per cent, improved revenue performance, increased exports, growth in foreign direct investment, and stability in the naira exchange rate around N1,400 to the dollar.
According to him, Nigeria’s external reserves have risen to about $47 billion, the highest in seven years, providing import cover of over 10 months. He also disclosed that the Federal Government has not printed new naira notes since assuming office, a move he said has helped stabilise the economy.
The House Leader further outlined key assumptions of the budget, including an oil benchmark of $64.85 per barrel and daily oil production of 1.84 million barrels.
On sectoral allocation, security and defence received the highest priority with N5.41 trillion, followed by infrastructure (N3.56 trillion), education (N3.54 trillion) and health (N2.48 trillion).
He urged lawmakers to support the budget, stressing that capital expenditure outweighing recurrent spending demonstrates the government’s commitment to sustainable development.
Following the debate, Speaker Abbas Tajudeen put the question to a voice vote. Lawmakers overwhelmingly voted in support, paving the way for the bill to proceed to the next legislative stage.
