House Of Representatives Pass ₦58.47 Trillion 2026 Budget For Second Reading

The House of Representatives on Thursday, January 29, 2026, passed the ₦58.47 trillion “Budget of Consolidation, Renewed Resilience and Shared Prosperity” for its second reading. House Leader Hon. Julius Ihonvbere, who led the debate, told lawmakers that the Tinubu administration has not printed a single naira since taking office, attributing the current economic stabilization to this strict fiscal discipline.

He highlighted that inflation has dropped to 14.45 percent from roughly 25 percent, while foreign reserves have climbed to a seven-year high of $47 billion, providing enough cushion for over ten months of imports.

The 2026 fiscal framework is based on an oil benchmark of $64.85 per barrel and a daily production target of 1.84 million barrels. Total revenue is projected at ₦34.33 trillion, leaving a fiscal deficit of ₦23.85 trillion.

Ihonvbere emphasized that the 2026 budget marks a significant departure from previous years, as capital expenditure (₦26.08 trillion) now exceeds recurrent spending (₦15.25 trillion), a shift intended to drive real infrastructure development and job creation across the country.

Following the overwhelming voice vote in favor of the bill, Speaker Tajudeen Abbas announced a two-week recess for committees to conduct budget defense sessions with various ministries and agencies.

 The House is expected to resume plenary on February 17, 2026, for final considerations. Ihonvbere urged his colleagues to remain diligent in their oversight, noting that while the government is not perfect, it is the duty of the 360 representatives to guide the executive toward sustainable progress.