President Bola Ahmed Tinubu’s 2026 Appropriations Bill, which calls for a ₦58.18 trillion budget based on higher capital investment, 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, and parliamentarians hailed it as a turning point in Nigeria’s economic re-engineering.
The advertising appears underneath the story.
House Leader Rep. Julius Ihonvbere discussed the broad principles of the appropriations bill, stating that the Tinubu government inherited “distorted and disarticulated institutions” and cautioning that significant improvements would be challenging but essential.
Ihonvbere informed the House that “development that is not sustainable is not development at all.”
He called on Nigerians to acknowledge that difficult but necessary economic changes are necessary for long-term development.
In order to defend the budget, Ihonvbere noted several important indicators, such as an expected 3.98% economic growth rate through 2026, a decrease in inflation from almost 25% to 14.45%, increased government income, export growth, and an increase in foreign direct investment.
As proof of the current administration’s economic restraint, the legislator pointed to increases in the value of the naira and foreign reserves.
He stated, “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.”
“Since this government came into office, we have not printed a single naira,” he emphasized. This fiscal restraint has contributed to economic stabilization.
The budget for 2026 projects total revenue of ₦34.33 trillion, total spending of ₦58.18 trillion, and a ₦23.85 trillion deficit.
The allocation of ₦15.25 trillion for non-debt recurrent expenditures and ₦26.08 trillion for capital expenditures, according to MPs, shows a move toward development-driven spending.
This is different from the past, when capital investment was less important than ongoing expenditures. Ihonvbere stated that real progress is fueled by increasing capital expenditures in this area.
The budget is predicated on an oil benchmark of $64.85 per barrel and daily oil production of 1.84 million barrels.
According to sectoral appropriations, the top priorities are infrastructure (₦3.56 trillion), education (₦3.54 trillion), health (₦2.48 trillion), and security and defense (₦5.41 trillion).
The advertising appears underneath the story.
The administration’s robust international contacts, including recent diplomatic and economic missions to nations like Turkey, were also emphasized by lawmakers as part of initiatives to enhance the business climate and draw capital.
House members emphasized that the budget is more than just numbers; it reflects the executive branch’s pledges to maintain fiscal restraint, increase revenue through tax changes, plug leaks, strengthen macroeconomic stability, and build human capital.
Ihonvbere stated, “We are not saying the government is perfect, but it is our duty 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, sealing the budget’s acceptance.
The legislator said, “This budget is a dream and a promise.” Nigeria would improve not only for us but also for future generations if we cooperate.
The House then adjourned plenary for two weeks in preparation for the planned budget defense after unanimously approving the budget for second reading.
