Reps Approve President Tinubu’s ₦58.18 Trillion 2026 Budget for Second Reading

The House of Representatives on Thursday approved President Bola Tinubu’s 2026 Appropriation Bill for second reading, endorsing a proposed ₦58.18 trillion budget anchored on macroeconomic stability, improved security and increased capital expenditure. The budget, titled “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” was presented to the National Assembly on December 19, 2025, and was described by lawmakers as a critical step in Nigeria’s economic re-engineering.

Leading the debate, the Leader of the House, Julius Ihonvbere, said the administration inherited weakened institutions and warned that sustainable development requires tough but necessary reforms. He cited improving economic indicators, including a 3.98 per cent growth rate, a decline in inflation to 14.45 per cent, stabilisation of the naira around ₦1,400 to the dollar, and external reserves of about $47 billion. The budget projects revenue of ₦34.33 trillion against expenditure of ₦58.18 trillion, leaving a deficit of ₦23.85 trillion, with capital expenditure of ₦26.08 trillion exceeding non-debt recurrent spending. Following a voice vote in which the “ayes” prevailed, the House passed the bill for second reading and adjourned plenary for two weeks to allow for budget defence.

Written by Adeyemi Adewale