Isaac Samuel
The 2026 appropriation bill on Thursday passed second reading at the House of Representatives.
The budget was passed without any debate during a plenary session presided over by Speaker Abbas Tajudeen.
The bill, christened the “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, was presented by President Bola Tinubu to a joint session of the National Assembly in December.
It seeks to authorise the issuance of the Consolidated Revenue Fund of the Federation totaling N58.4 trillion for the 2026 fiscal year.
Typically, a bill of such magnitude ,authorising the expenditure of N58.4 trillion would attract thorough deliberations and contributions from lawmakers on its provision.
However, the lawmakers, who had earlier gone into a closed-door meeting that lasted for almost an hour did not debate the general principles of the bill.
Only the Leader of the House, Prof. Julius Ihonvbere, spoke during the session.
In his speech, Ihonvbere, highlighted the government’s achievements and economic management, noting that the economy grew by 3.98 per cent before the presentation of the budget.
He said inflation has also reduced, and foreign investments and exports have expanded.
Ihonvbere emphasised that the budget is designed to consolidate macroeconomic stability, improve revenue performance, strengthen human capital development, and manage existing debts.
He noted that the government has not printed a single naira since taking office, a move he said contributed to economic stability, and that external reserves have reached a seven-year high of US$47 billion.
Ihonvbere urged lawmakers to support the budget while describing it as an opportunity for the legislature to partner with the executive in achieving sustainable development and shared prosperity for Nigerians.
He said, “I believe that this administration is committed to ensuring that if we all work together, put ideas together, recommit to a better Nigeria, we build a kind of social, political, economic environment that will ensure Nigerians in their respective constituencies and communities reach the highest points of their creative and productive abilities.
“When we are able to do this, Nigeria will be a better place, not just for us, but for generations to come. It will also encourage those that will come into power, well into the future, to build on the achievements of the present government and prioritise the welfare, women and children”.
After Ihonvbere’s speech, the Speaker asked if there were any contributions from the floor, but no lawmaker showed interest.
He moved that the motion for the budget’s passage be adopted, with the ayes prevailing over the nays.
The Speaker subsequently referred the bill to the Appropriation Committee, and the House was adjourned for two weeks to allow the relevant committees to carry out detailed work on the budget.
