President Bola Ahmed Tinubu’s 2026 Appropriations Bill, which calls for a ₦58.18 trillion budget based on greater capital spending, improved security, and macroeconomic stability, was approved by the House of Representatives on Thursday.
The 2026 budget, dubbed “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” was introduced to the National Assembly on December 19, 2025. Lawmakers have praised it as a turning point in Nigeria’s economic re-engineering.
House Leader Rep. Julius Ihonvbere stated that the Tinubu administration inherited “distorted and disarticulated institutions” and cautioned that significant improvements would be challenging but essential while discussing the main principles of the appropriations bill.
Ihonvbere informed the House that “development that is not sustainable is not development at all.”
He urged Nigerians to acknowledge that difficult but necessary economic changes are necessary for long-term development.
In order to defend the budget, Ihonvbere mentioned several important indicators, such as an expected 3.98% economic growth rate through 2026, a decrease in inflation from almost 25% to 14.45%, better government revenues, an increase in exports, and an increase in foreign direct investment.
The legislator cited increases in foreign reserves and the value of the naira as proof of the current administration’s fiscal restraint.
“Nigeria’s external reserves have increased to a seven-year high of about $47 billion, sufficient to cover more than ten months of imports, while the naira has stabilized around ₦1,400 to the dollar, down from over ₦1,800,” he stated.
“We have not printed a single naira since this government came into office,” he emphasized. The economy has stabilized thanks to this fiscal restraint.
The 2026 budget projects ₦34.33 trillion in total revenue and ₦58.18 trillion in total expenditures, leaving a ₦23.85 trillion deficit.
Lawmakers claimed that this structure shows a shift toward development-driven spending, with non-debt recurrent expenditure set at ₦15.25 trillion and capital expenditure at ₦26.08 trillion.
This is different from the past, when capital investment was less important than ongoing spending. Real development is fueled by larger capital expenditures here, according to Ihonvbere.
The budget is predicated on oil output of 1.84 million barrels per day and an oil benchmark of $64.85 per barrel.
Security and defense (₦5.41 trillion), infrastructure (₦3.56 trillion), education (₦3.54 trillion), and health (₦2.48 trillion) are the top priority according to sectoral appropriations.
In an effort to enhance the business climate and draw in investment, lawmakers also emphasized the administration’s robust overseas contacts, including recent diplomatic and economic missions to nations like Turkey.
House members emphasized that the budget is more than just numbers; it reflects the executive branch’s commitment to fiscal restraint, increased revenue through tax changes, sealing leaks, maintaining macroeconomic stability, and developing human capital.
Ihonvbere stated, “We are not saying the government is flawless, but it is our responsibility as representatives of 360 constituencies to guide it to do the right things at all times.”
The Speaker of the House took the matter to a voice vote following member contributions, and the “ayes” decisively won to approve the budget.
“This budget is a promise and a dream,” the member said. Nigeria would be a better place for future generations as well as for us if we cooperate.
Following a two-week plenary adjournment for the planned budget defense, the House unanimously approved the budget for second reading.
