The House of Representatives on Wednesday passed the 2026 budget estimates of N58.473 trillion through Second Reading.
The budget, presented by Tinubu before the joint session of the National Assembly in December 2025, now moves to the Committee on Appropriation for further legislative scrutiny.
Speaking during the session, Majority Leader, Hon. Julius Ihonvbere, urged lawmakers to support the administration’s efforts to stabilize and grow the economy.
He highlighted the challenges inherited by the current administration, describing the process of economic restructuring as “painful but necessary.”
Ihonvbere noted improvements in key economic indicators, including a growth rate of 3.98% before the budget, a drop in inflation from 25% to 14.45%, increased revenues, growing exports, and higher foreign investment.
He also praised the government’s management of the external reserves, currently at a seven-year high of $47 billion.
“The budget reflects a commitment to consolidate macroeconomic stability, improve the business environment, strengthen human capital development, and manage existing debt,” Ihonvbere said.
He added that the Executive has prioritized security, infrastructure, education, and health in the 2026 fiscal plan.
Speaker Abbas Tajudeen subsequently referred the bill to the Committee on Appropriation, with all standing committees acting as sub-committees, to ensure comprehensive legislative review.
