Reps Pass N58.47trn Budget For Second Reading

House of Representatives has passed through second reading, the N58.47 trillion 2026 budget (Appropriation Bill).

LEADERSHIP Friday reports that President Bola Tinubu had on December 19, 2025 laid before a joint session of the National Assembly the N58.18 trillion budget for the 2026 financial year.

Of the sum, N4.09 trillion is

for Statutory Transfers, N15.90 trillion is for Debt Service, N15.251 trillion is faor Recurrent (Non-Debt) Expenditure while the sum of N23.21 trillion is for contribution to the Development Fund for Capital Expenditure.

The budget is based on parameters such as oil price benchmark of

$64.85 per barrel; crude oil production of 1.84 million barrels per day (mbpd) and exchange rate of N1,400 to 1$/USD.

Titled: “A Bill for an Act to Authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N58,472,628,944,759 only…for the year ending 31 December, 2026 (HB.2682), the proposed legislation is sponsored by the House Leader, Hon. Julius Ihonvbere.

Leading debate on the general principles of the bill, Ihonvbere urged his colleagues to support the proposed budget which is futuristic with a 3.98 per cent economic growth rate ahead of the 2026 fiscal year, a drop in inflation to 14.45 per cent from about 25 per cent, improved revenues, export growth, and expanded foreign direct investment.

He also said the naira has stabilised to about N1,400 to the dollar, down from over N1,800, while the country’s external reserves hav climbed to a seven-year high of about $47 billion sufficient to cover more than 10 months of imports.

“We have not printed a single naira since this government came into office. That fiscal discipline has helped stabilise the economy.

“Total revenue is projected at N34.33 trillion against total expenditure of N58.18 trillion, leaving a deficit of N23.85 trillion. Non-debt recurrent expenditure is pegged at N15.25 trillion, while capital expenditure stands at N26.08 trillion.

“This is a departure from the past, where recurrent spending outweighed capital investment. Here, capital expenditure is higher, which is what drives real development,” Ihonvbere said.

“We are not saying the government is perfect, but it is our duty, as representatives of 360 constituencies, to guide it to do the right things at all times.”

After the debate, the bill was passed for second reading as it received overwhelming support when put to voice vote by Speaker Tajudeen Abbas who presided over the sitting.

In the meantime, the House adjourned plenary to February 17, 2026 to enable lawmakers work on the budget proposal.