The House of Representatives has passed President Bola Ahmed Tinubu’s ₦58.47 trillion 2026 Appropriation Bill for second reading. The budget, tagged “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” was approved on Thursday during plenary without any debate, reflecting broad legislative support at this stage.

President Tinubu had earlier presented the 2026 budget proposal to a joint session of the National Assembly in December. According to details shared on the floor, total expenditure is projected at between ₦58.18 trillion and ₦58.47 trillion. Statutory transfers are estimated at ₦4.09 trillion, while ₦15.91 trillion is set aside for debt servicing and ₦15.25 trillion for recurrent non-debt spending.

Capital expenditure is expected to range from ₦23.21 trillion to ₦26.08 trillion, with a significant portion to be financed through the Development Fund. On the revenue side, the government is targeting ₦34.33 trillion, leaving a projected fiscal deficit of ₦23.85 trillion for the 2026 financial year.

Presenting the general principles of the bill, House Leader Julius Ihonvbere said the budget represents a major step toward economic stability, growth, and sustainable development. He praised the Tinubu administration for maintaining fiscal discipline, noting that no new naira has been printed since it took office. After the second reading, Speaker Tajudeen Abbas referred the bill to the House Committee on Appropriations for further scrutiny.