Federal Government’s N58.47 trillion 2026 appropriation bill has passed second reading at the House of Representatives.
Gatekeepers News reports that the money bill was approved during Thursday’s plenary after the lawmakers returned from an executive session that lasted for over 30 minutes.
Julius Ihonvbere, the majority leader and member representing Owan federal constituency, moved the motion for the bill to be considered.
While presenting the general principles of the budget, Ihonvbere described it as part of a long and difficult journey aimed at achieving peace, economic growth, stability, and sustainable development. He said real development must be long-lasting, noting that temporary progress does not translate to meaningful change.
He added that economic reforms are often challenging and painful, especially for a country dealing with political, social, and economic structures shaped by past administrations. Ihonvbere said restructuring and repositioning Nigeria would not be easy, but insisted it was necessary.
The lawmaker urged members of the House to see the situation from the perspective of those managing the economy, stressing that the national assembly has a duty to guide the executive and ensure accountability.
He also pointed to some economic indicators which he said formed the background of the 2026 budget. According to him, the naira has remained relatively stable, with the exchange rate dropping from above N1,800 to around N1,400. He added that Nigeria’s external reserves have risen to about $46 billion, which he said could cover more than 10 months of imports.
Ihonvbere listed areas the administration plans to focus on, including improved budget discipline, stronger revenue generation, better tax administration, blocking of financial leakages, improved macroeconomic stability, a better business environment, human capital development, and effective debt management.
He described the budget as a statement of promises and expectations, saying it reflects the government’s plan to build a social and economic environment that will help Nigerians reach their full potential. He also said the budget priorities include the welfare and security of women and children.
After the presentation, Tajudeen Abbas, speaker of the House, called for a voice vote, and the bill was passed as the “ayes” were louder than the “nays.” It scaled second reading without debate or opposition.
President Bola Ahmed Tinubu presented the 2026 budget to a joint session of the national assembly on December 19, while the senate passed it for second reading on December 23.
The budget breakdown shows that out of the total N58,472,628,944,759, the bill proposes N4,097,381,103,856 for statutory transfers and N15,909,361,631,657 for debt servicing.
It also sets aside N15,251,538,827,423 for recurrent non-debt expenditure, while N23,214,347,381,824 is allocated for capital expenditure to fund infrastructure and other long-term projects.
Earlier, the House passed the 2026–2028 medium-term expenditure framework and fiscal strategy paper. It endorsed the Federal Government’s crude oil benchmark prices of $64.85, $64.3, and $65.5 per barrel for 2026, 2027, and 2028, although the Senate approved a lower oil benchmark of $60 per barrel for 2026.
The lawmakers also approved projected crude oil production of 1.84 million barrels per day for 2026, 1.88 million for 2027, and 1.92 million for 2028. They adopted exchange rate projections of N1,512, N1,432.15, and N1,383.18 for the three years, along with inflation rate estimates of 16.5 percent, 13 percent, and 9 percent.
In addition, the House adopted GDP growth projections of 4.68 percent for 2026, 5.96 percent for 2027, and 7.9 percent for 2028, with the expectation that improved tax reforms will support the economy.
