He prioritizes stability, security, and capital expenditures.
By Abuja’s Gift ChapiOdekina
President Bola Tinubu’s 2026 Appropriations Bill, which calls for a ₦58.18 trillion budget based on greater capital spending, improved security, and macroeconomic stability, was adopted by the House of Representatives on Thursday.
On December 19, 2025, the National Assembly received the budget, dubbed “The Budget of Consolidation, Renewed Resilience and Shared Prosperity.” Lawmakers hailed it as a turning point in Nigeria’s economic re-engineering.
Speaking about the general principles of the budget, House Leader Rep. Julius Ihonvbere warned that the Tinubu administration inherited “distorted and disarticulated institutions” and warned against expecting painless reforms, emphasizing that difficult but necessary decisions are necessary for sustainable development.
“Development that is not sustainable is not development at all,” he stated, pointing out that even while the current economic changes are difficult, they are necessary to reposition the nation for long-term progress.
A 3.98 percent economic growth rate ahead of the 2026 fiscal year, a decrease in inflation to 14.45 percent from almost 25 percent, higher revenues, export growth, and more foreign direct investment were among the important macroeconomic factors he mentioned to support the budget.
He claims that while Nigeria’s external reserves have increased to a seven-year high of over $47 billion, enough to cover more than ten months’ worth of imports, the naira has stabilized around ₦1,400 to the dollar, down from over ₦1,800.
Since this government took office, not a single naira has been printed. The economy has stabilized thanks to that fiscal restraint, he continued.
According to the budget’s structure, there will be a ₦23.85 trillion gap between total revenue of ₦34.33 trillion and total expenditure of ₦58.18 trillion. Lawmakers have praised the allocation of ₦26.08 trillion for capital expenditures and ₦15.25 trillion for non-debt recurring expenditures as a clear signal of commitment to sustainable development.
This is a change from earlier times when capital investment was less important than ongoing spending. Real progress is fueled by increasing capital expenditures in this area, the lawmaker stated.
An oil benchmark of $64.85 per barrel and daily oil output of 1.84 million barrels are included in the 2026 budget forecasts.
With ₦5.41 trillion set aside to address food and hunger issues, ₦3.56 trillion for infrastructure, ₦3.54 trillion for education, and ₦2.48 trillion for health, sectoral allocations demonstrate that security and defense are given top priority.
Citing recent diplomatic and economic missions, especially to Turkey, as part of initiatives to enhance the business climate and fortify alliances, lawmakers also emphasized the administration’s strong foreign involvement to draw investment.
Beyond the numbers, the House pointed out that the budget is a collection of promises made by the executive branch, including enhanced revenue performance through new tax measures, stronger budget discipline, leakage prevention, consolidation of macroeconomic stability, development of human capital, and responsible debt management.
The legislator stated, “We are not saying the government is flawless, but it is our responsibility as representatives of 360 constituencies to guide it to do the right things at all times.”
The Speaker submitted the question to a voice vote after receiving contributions. The budget was approved by the House thanks to the overwhelming victory of the “ayes.”
The congressman said, “This budget is a promise and a dream.” “Nigeria will be a better place for future generations as well as for us if we work together.”
The House postponed plenary for two weeks to allow for the budget defense after unanimously approving the budget for second reading.
