By Oluwakemi Kindness
The House of Representatives has passed the ₦58.4 trillion 2026 Appropriation Bill for second reading.
The bill seeks authorisation to withdraw ₦58,472,628,944,759 from the Consolidated Revenue Fund for the financial year ending 31 December 2026.
Spending Breakdown Raises Key Fiscal Issues
The budget framework allocates:
₦4.09 trillion – Statutory transfers
₦15.91 trillion – Debt servicing
₦15.25 trillion – Recurrent (non-debt) expenditure
₦23.21 trillion – Capital and development projects
The allocation highlights the continuing pressure of debt obligations, which account for a significant share of government spending, while capital expenditure remains a major policy focus.
Government’s Economic Outlook
Leading the debate, House Leader Prof. Julius Ihonvbere described the proposal as a consolidation budget aimed at economic stability and sustainable development.
He cited official macroeconomic projections, including:
Economic growth at 3.98%
Inflation easing to 14.45%
Exchange rate stability around ₦1,400/$
External reserves at $47 billion
Increased oil revenue, exports and foreign investment
He said projected revenue stands at ₦34.33 trillion, against total expenditure of ₦58.18 trillion, leaving a fiscal deficit of ₦23.85 trillion.
Capital Spending vs Recurrent Costs
Ihonvbere noted that capital expenditure exceeds recurrent spending, which he said reflects a shift toward infrastructure and long-term development.
Priority sectors include:
Security and defence
Infrastructure
Education
Health
Legislative Process Continues
Following debate, Speaker Abbas Tajudeen referred the bill to the House Committee on Appropriation, which will work with other committees for detailed scrutiny.
Electoral Act Amendment Motion Stepped Down
A motion seeking recommittal of several clauses of the Electoral Act Amendment Bill, 2025, was stepped down after lawmakers were informed that the committee report was not ready for circulation. Other listed reports were also deferred for the same reason.
Plenary ended with a motion for adjournment, after which the House suspended sittings for two weeks.
