The House of Representatives on Thursday passed the 2026 appropriation bill for second reading, following its presentation to the National Assembly by President Bola Ahmed Tinubu on December 19, 2025. Plenary was then adjourned for two weeks to allow Ministries, Departments, and Agencies (MDAs) to defend their proposed budgets.
The debate on the bill was led by House Leader Prof. Julius Ihonvbere, who echoed the President’s view that the 2026 budget marks a defining moment in Nigeria’s journey toward peace, growth, stability, and sustainable development.
Ihonvbere emphasised that sustainable development is inseparable from economic growth, adding that the administration inherited distorted institutions that make reform a challenging and sometimes painful process.
“Nobody has ever promised that the journey of restructuring, repositioning, and refocusing our political economy will not be painful.
It is the same Nigerians who have been here since Shagari, Obasanjo, Jonathan, and Buhari who precipitated the situation we inherited,” Ihonvbere said.
He highlighted key macroeconomic indicators prior to the 2026 budget: the economy grew by 3.98%, inflation dropped to 14.45% from about 25%, revenues increased, exports grew, and foreign direct investment expanded.
He also praised President Tinubu’s international engagements, citing a recent visit to Turkey as an example of efforts to attract investment.
The 2026 budget projects total revenue of ₦34.33 trillion against total expenditure of ₦58.18 trillion, resulting in a deficit of ₦23.85 trillion.
Recurrent non-debt expenditure is set at ₦15.25 trillion, while capital expenditure is projected at ₦26.08 trillion.
The oil benchmark is placed at $64.85 per barrel, with oil production expected at 1.84 million barrels per day.
Ihonvbere stressed that capital expenditure outweighs recurrent spending in this budget, demonstrating a commitment to sustainable development.
He added that security and defence remain a priority, strengthened by international cooperation with the EU, the US, and other partners.
“If we all work together, put ideas together, and commit to a better Nigeria, we build a socio-political and economic environment that encourages Nigerians to reach the highest points of their creative and productive abilities.
Nigeria will be a better place, not just for us, but for generations to come,” he said.
Speaker of the House Abbas Tajudeen noted that approximately 70% of the budget had already been debated in 2025, adding that there was very little new content to review.
The House will resume deliberations after the two-week recess for budget defence by MDAs.
