The House of Representatives on Thursday passed President Bola Tinubu's ₦58.4 trillion 2026 Appropriation Bill titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity” for second reading, bypassing the usual floor debate in a swift plenary session.
Presided over by Speaker Abbas Tajudeen, the House adopted the motion after a nearly hour-long closed-door meeting.
Only House Leader Prof. Julius Ihonvbere spoke, praising the Tinubu administration's economic strides and urging full legislative support.
Ihonvbere highlighted key gains:
GDP growth at 3.98% pre-budget, reduced inflation, expanded foreign investments and exports, external reserves at a seven-year high of $47 billion (covering over 10 months of imports), and no new naira printing since the administration took office.
He described the budget as a tool to lock in macroeconomic stability, boost revenue, strengthen human capital, manage debt, and foster sustainable development through executive-legislative partnership.
“This is an opportunity for us to recommit to a better Nigeria,” Ihonvbere said, envisioning shared prosperity that empowers citizens, supports women and children, and builds a foundation for future governments.
No other lawmakers contributed from the floor when the Speaker invited comments. The motion passed via voice vote, with ayes prevailing.
Speaker Tajudeen then referred the bill to the Committee on Appropriations for detailed scrutiny, including sectoral breakdowns, before full passage.
The ₦58.4 trillion proposal, presented to a joint National Assembly session in December 2025 authorizes withdrawals from the Consolidated Revenue Fund for the fiscal year.
It emphasizes consolidating reforms amid stabilizing indicators, with priorities on security, infrastructure, agriculture, health, and human capital to translate growth into jobs and improved livelihoods.
The House adjourned for two weeks to allow committees to conduct thorough reviews and public hearings where needed.
This rapid second reading contrasts with typical budget processes, which often feature extensive deliberations on such massive spending plans.
The move aligns with efforts to restore a standard January-December fiscal calendar and avoid overlapping budgets.
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