Reps pass ₦68.30tn 2026 budget after upward review

The House of Representatives has passed the 2026 budget totalling ₦68.30 trillion, significantly increasing the proposed budget by about ₦9 trillion from the ₦58.18 trillion presented by President Bola Tinubu to a joint session of the National Assembly earlier in December.

The revised figure was adopted during plenary on Tuesday, following the presentation of the report by the Chairman of the House Committee on Appropriation, Abubakar Bichi.

The approval came after weeks of detailed scrutiny, including budget defence sessions involving Ministries, Departments and Agencies (MDAs), where lawmakers examined spending proposals, revenue projections and implementation plans.

The upward adjustment followed a formal request by Mr Tinubu, conveyed in a letter read on the floor by the Speaker, Abbas Tajudeen.

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In the correspondence, the president explained that the increase was necessary to accommodate outstanding commitments, particularly legacy capital projects inherited from previous budgets, with the aim of ensuring their completion.

He further noted that the additional funding would bolster ongoing transport infrastructure projects, aligning with the administration’s development priorities.

According to the president, the adjustment is also intended to support macro-fiscal stability and reduce pressure on the domestic financial market.

Tagged the “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” the 2026 fiscal plan is designed to sustain and deepen the gains of ongoing economic reforms while positioning the country for long-term growth.

A breakdown of the approved budget shows a strong emphasis on capital investment, with over ₦26 trillion allocated to infrastructure development across key sectors such as transport, power and public works.

Security and defence received over ₦5.4 trillion, reflecting the government’s commitment to tackling insurgency, improving internal security and creating safer conditions for agricultural activities.

Debt servicing is projected at about ₦15.9 trillion, underscoring the government’s continued obligation to meet its debt commitments while transitioning toward a more sustainable debt management framework.

The fiscal assumptions underpinning the budget include an oil price benchmark of $64.85 per barrel, a production target of 1.84 million barrels per day, and an exchange rate of ₦1,400 to one US dollar.

During deliberations, House Leader Julius Ihonvbere (APC, Edo), described the 2026 budget as a turning point in Nigeria’s fiscal trajectory. He noted that, for the first time in recent years, capital expenditure outweighs non-debt recurrent spending.

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“This is a budget that prioritises development over consumption,” he said. “It reflects a clear departure from the tradition of recurrent-heavy budgets to one that invests in the future.”

In his remarks, Mr Tajudeen commended lawmakers for their diligence and commitment to the process, stressing that the timely passage of the budget is critical to sustaining the January – December fiscal cycle.

Following the approval, the House adjourned plenary until 21 April.