N58.47tn 2026 budget scales second reading in reps as lawmakers back Tinubu’s economic reforms
The House of Representatives on Thursday passed President Bola Tinubu’s ₦58.47 trillion 2026 budget proposal for second reading, signaling lawmakers’ support for the administration’s ongoing economic reforms.
The budget, titled “The Budget of Consolidation, Renewed Resilience and Shared Prosperity,” is anchored on macroeconomic stability, improved security and increased investment in capital projects across the country. President Tinubu presented the proposal to a joint session of the National Assembly on December 19, 2025.
Leading the debate on the general principles of the Appropriation Bill, House Leader Prof. Julius Ihonvbere said the President assumed office at a difficult time, noting that the reforms being implemented were bound to come with short-term pains and inconveniences.
“Development that is not sustainable is not development at all,” Ihonvbere said, adding that the reforms would ultimately usher in multi-layered prosperity for Nigerians.
He urged lawmakers to support the proposal, pointing to reasons for optimism, including a projected 3.98 per cent economic growth rate in 2026, a decline in inflation to 14.45 per cent from about 25 per cent, improved revenues, export growth and increased foreign direct investment.
According to him, the naira has stabilised at about ₦1,400 to the dollar from over ₦1,800, while Nigeria’s external reserves have risen to a seven-year high of about $47 billion, enough 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,” he said.
The 2026 budget projects total revenue of ₦34.33 trillion against total expenditure of ₦58.18 trillion, leaving a deficit of ₦23.85 trillion. Non-debt recurrent expenditure is pegged at ₦15.25 trillion, while capital expenditure stands at ₦26.08 trillion.
Ihonvbere described the figures as a departure from previous budgets where recurrent spending outweighed capital investment, stressing that increased capital allocation would drive real development.
Key assumptions underpinning the budget include an oil benchmark of $64.85 per barrel and oil production of 1.84 million barrels per day.
Sectoral allocations prioritise security and defence with ₦5.41 trillion to tackle insecurity and food challenges, followed by infrastructure at ₦3.56 trillion, education at ₦3.54 trillion and health at ₦2.48 trillion.
He said lawmakers had a responsibility to ensure proper implementation of the budget, adding, “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.”
With no contributions from members during the debate, Speaker Tajudeen Abbas put the budget proposal to a voice vote, and it was overwhelmingly approved for second reading.
The Speaker later announced a two-week recess to allow lawmakers to work on the budget ahead of its final passage when the House resumes on February 17, 2026.
