Abuja – The House of Representatives on Wednesday passed President Bola Tinubu’s N58.47 trillion 2026 Appropriation Bill for second reading, moving a step closer to final approval.
The budget proposal, titled “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” was passed during plenary without debate, signaling broad support among lawmakers.
President Tinubu had presented the budget to a joint sitting of the National Assembly in December last year. The plan outlines a total expenditure ranging from N58.18 trillion to N58.47 trillion. Statutory transfers are set at N4.09 trillion, while N15.91 trillion is earmarked for debt servicing.
Capital expenditure is projected between N23.21 trillion and N26.08 trillion, with the bulk of the funding expected to be channeled through the Development Fund.
Speaking on the floor of the House, House Leader Julius Ihonvbere described the budget as a crucial step in Nigeria’s pursuit of peace, economic stability, growth, and sustainable development. He further commended the Tinubu administration for maintaining fiscal discipline, noting that no new naira has been printed since the government took office, especially via the Central Bank of Nigeria’s Ways and Means advances.
The bill will now move through subsequent readings before final approval, bringing the country closer to implementing its 2026 fiscal plan.