The House of Representatives on Wednesday passed the ₦58.47 trillion 2026 Appropriation Bill for second reading, following a lead debate by House Leader Hon. Julius Ihonvbere.
The bill authorizes the withdrawal of ₦58.47 trillion from the Consolidated Revenue Fund for the 2026 fiscal year ending December 31.
Of the total, ₦4.09 trillion is set for statutory transfers, ₦15.91 trillion for debt servicing, ₦15.25 trillion for recurrent (non-debt) expenditure, and ₦23.21 trillion for capital expenditure.
Ihonvbere described the budget, dubbed “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” as a “defining moment in Nigeria’s quest for peace, growth, stability and sustainable development.”
He emphasized that while economic growth often requires tough adjustments, the government is committed to sustainable progress.
Highlighting key indicators, Ihonvbere said Nigeria’s economy grew by 3.98% ahead of the budget, inflation fell to 14.45% from about 25%, and foreign reserves hit a seven-year high of $47 billion, enough to cover over 10 months of imports.
The naira has also stabilized around ₦1,400 to the dollar, down from over ₦1,800.
The budget projects total revenue of ₦34.33 trillion against expenditure of ₦58.18 trillion, leaving a deficit of ₦23.85 trillion.
Capital spending of ₦26.08 trillion exceeds recurrent expenditure, signaling a focus on development.
Ihonvbere noted an oil benchmark of $64.85 per barrel and production of 1.84 million barrels per day.
Priority sectors include security and defence (₦5.41 trillion), infrastructure (₦3.56 trillion), education (₦3.54 trillion), and health (₦2.48 trillion).
He called on lawmakers to support the bill, stressing the government’s commitment to fiscal discipline, revenue growth, macroeconomic stability, improved business environment, human capital development, and effective debt management.
Following the debate, the Speaker put the question to a voice vote, with the “ayes” prevailing. The bill was read a second time and referred to the House Committee on Appropriations for detailed review and further legislative action.
