Nigerian House of Representatives Passes N58.47 Trillion 2026 Budget for Second Reading

The Nigerian House of Representatives has approved the N58.47 trillion 2026 budget for the second reading. The budget includes allocations for statutory transfers, debt servicing, recurrent non-debt expenditure, and capital expenditure aimed at development.

President Bola Tinubu presented the budget, emphasizing the need for sustainable economic growth and development. The budget projects a deficit of N23.85 trillion, with a focus on key sectors like security, infrastructure, education, and health.

The government aims to improve revenue performance, macroeconomic stability, and business environment while managing debt effectively. The budget also highlights the country's external reserves reaching a seven-year high of $47 billion, sufficient to cover 10 months of imports.

The budget proposal underscores a commitment to fiscal discipline and better revenue performance to support sustainable development.