Nigerian House of Representatives Approves ₦58.18 Trillion Budget for 2026

The Nigerian House of Representatives has approved a ₦58.18 trillion budget for 2026, emphasizing macroeconomic stability, security enhancement, and increased capital expenditure. Julius Ihonvber, the House Leader, highlighted the need for essential economic adjustments to drive long-term growth.

The budget projects a deficit of ₦23.85 trillion, with total revenue estimated at ₦34.33 trillion and total expenditure at ₦58.18 trillion. Key sectors prioritized in the budget include security, defense, infrastructure, education, and health.

The budget is based on assumptions such as an oil benchmark of $64.85 per barrel and oil production of 1.84 million barrels per day. Lawmakers commended the administration's efforts to improve the business environment and attract investments.

The budget also reflects a shift towards development-driven spending and emphasizes fiscal discipline and revenue improvement through tax reforms.