File photo, House of Representatives in session
From our Correspondent, Abuja
President Bola Ahmed Tinubu’s N58.47 trillion 2026 Appropriation Bill, has scaled second reading at the Lower House of the National Assembly; ‘House of Representatives.’
The 2026 budget proposal, titled: “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” on Thursday, 29 January passed through second reading without debate, during plenary.
President Tinubu in last year December presented the 2026 budget to a joint sitting of the National Assembly, for consideration.
The budget breakdown
Total expenditure is estimated at between N58.18 trillion and N58.47 trillion.
Statutory transfers are pegged at N4.09 trillion, while N15.91 trillion is earmarked for debt servicing. Recurrent (non-debt) expenditure stands at N15.25 trillion.
Capital expenditure
This is projected to be between N23.21 trillion and N26.08 trillion, with most of the funding expected through the Development Fund.
Estimated Revenue
The budget targets N34.33 trillion, leaving a fiscal deficit of N23.85 trillion.
On the general principles of the bill, House Leader, Julius Ihonvbere described the budget as a critical step in Nigeria’s drive toward peace, economic stability, growth, and sustainable development.
Ihonvbere asserts; that the Tinubu administration has maintained fiscal discipline, pointing out that no new naira note has been printed since the government assumed office, particularly through the Central Bank of Nigeria’s Ways and Means advances.
“We have not printed a single naira since this government came into office. That fiscal discipline has helped to stabilize the economy,” Ihonvbere said.
Following the second reading, Speaker of the House Tajudeen Abbas referred the appropriation bill to the House Committee on Appropriations for further legislative actions.
