HOUSE OF REPS APPROVES N58.47TN 2026 BUDGET, SAYS NO NEW NAIRA PRINTED UNDER TINUBU
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By: Fasasi Hammad
The House of Representatives on Thursday approved President Bola Tinubu’s ₦58.47 trillion 2026 Appropriation Bill for second reading.
The 2026 budget proposal, tagged “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” was passed during plenary without any debate.
President Tinubu had presented the budget to a joint session of the National Assembly in December 2025.
According to details of the proposal, total expenditure is projected to range between ₦58.18 trillion and ₦58.47 trillion. Statutory transfers are estimated at ₦4.09 trillion, while ₦15.91 trillion has been allocated for debt servicing. Recurrent (non-debt) spending is put at ₦15.25 trillion.
Capital expenditure is expected to fall between ₦23.21 trillion and ₦26.08 trillion, with a significant portion to be financed through the Development Fund.
On the revenue side, the budget aims to generate ₦34.33 trillion, resulting in a fiscal deficit of ₦23.85 trillion.
While presenting the bill’s general principles, House Leader Julius Ihonvbere described the budget as a vital step toward achieving peace, economic stability, growth, and sustainable development in Nigeria.
He stated that the Tinubu administration has upheld fiscal discipline, stressing that no new naira has been printed since it assumed office, particularly through the Central Bank of Nigeria’s Ways and Means facility.
“We have not printed a single naira since this government came into office. That fiscal discipline has contributed to economic stability,” Ihonvbere said.
After the second reading, Speaker Tajudeen Abbas referred the appropriation bill to the House Committee on Appropriations for further legislative action.
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