The National Assembly on Friday pledged strict oversight of the 2026 Appropriation Bill, saying lessons from the implementation challenges of the 2025 budget would guide lawmakers’ consideration of the new fiscal proposal.
Gatekeepers News reports that the assurance was given by Speaker of the House of Representatives, Tajudeen Abbas, during a joint sitting of the National Assembly in Abuja, where President Bola Ahmed Tinubu formally presented the 2026 budget estimates.
President Tinubu, who arrived at 2:59 pm, was accompanied by Vice-President Kashim Shettima, APC National Chairman Prof. Nentawe Goshwe Yilwatda, National Security Adviser Nuhu Ribadu, and several APC governors, including Babajide Sanwo-Olu (Lagos), Bassey Otu (Cross River), Sheriff Oborevwori (Delta), Siminalayi Fubara (Rivers), Dapo Abiodun (Ogun), Hope Uzodimma (Imo), Umo Eno (Akwa Ibom), Hyacinth Alia (Benue), and AbdulRahman AbdulRazaq (Kwara).
Abbas said while the economy had shown signs of recovery and stability in 2025, volatility in global oil markets and overly optimistic fiscal assumptions highlighted the risks of overreliance on crude oil revenues. He emphasised the need for realism, fiscal discipline, and diversified revenue sources in preparing the 2026 budget.
“The experience of 2025 reinforced our understanding that credible budgets must be built on realistic assumptions, disciplined execution and resilient fiscal frameworks,” the Speaker said.
Citing data from the National Bureau of Statistics, Abbas noted that Nigeria’s real GDP approached four per cent in 2025, with easing inflationary pressures following the rebasing of the Consumer Price Index. He also highlighted improvements in the external sector, including higher foreign exchange reserves, rising export receipts, and sustained remittance inflows, developments acknowledged by the World Bank and International Monetary Fund as signs of improved macroeconomic stability.
Abbas said the National Assembly would ensure the 2026 budget translates reforms into tangible benefits for citizens, including job creation, higher incomes, and expanded opportunities. He welcomed President Tinubu’s directive for Nigeria to operate a single fiscal framework, describing it as critical to restoring order and transparency in public finance.
“Mr President, one of the most reassuring signals of reform maturity in your approach to the 2026 Budget is your clear directive that Nigeria must operate with one budget and one fiscal framework, along with your clear determination to deepen fiscal realism and restore order to the budgeting process. Your insistence that there should be no parallel budgets, no multiple spending windows, and no fragmented fiscal authorities speaks to discipline, clarity, and respect for due process. It restores order to public finance and ensures that every Naira appropriated by this Parliament aligns with national priorities,” Abbas said.
He added that the Assembly’s oversight would ensure that the 2026 budget is both ambitious and achievable, expansive yet disciplined, and designed for precise implementation rather than approximation.
On security, Abbas stressed that effective funding of the sector is central to economic development, food production, and investor confidence, noting that lawmakers would monitor allocations to ensure measurable improvements nationwide.
The Speaker also highlighted the importance of new tax laws taking effect in 2026 to strengthen non-oil revenues, reduce leakages, and sustainably finance government obligations. He concluded by assuring that the Assembly would treat the budget proposal with urgency and patriotism, insisting that every naira appropriated must deliver tangible value to Nigerians.
