Nigeria’s House of Representatives has given the green light to the ₦58.47 trillion 2026 Appropriation Bill, advancing it to the committee stage.
The bill, presented by President Bola Tinubu, aims to drive growth, stability, and sustainable development in Nigeria.
During Thursday’s plenary session, Majority Leader Julius Ihonvbere representing Owan federal constituency of Edo State, emphasized that the budget is a crucial step towards restructuring and repositioning Nigeria’s economy, which has been shaped by previous administrations.
He noted that economic growth is often challenging, but the current administration is committed to sustainable progress.
The budget allocates significant funds to key sectors, including security and defence, with ₦5.41 trillion earmarked for this area.
Infrastructure development is also a priority, with ₦3.56 trillion allocated to improve the country’s roads, bridges, and other critical infrastructure.
Education is another key focus, with ₦3.54 trillion set aside to enhance the country’s education system.
The health sector is also expected to benefit, with ₦2.48 trillion allocated to improve healthcare facilities and services across the country.
Ihonvbere highlighted the government’s commitment to fiscal discipline, revenue growth, and macroeconomic stability.
He also noted that the naira has stabilized around ₦1,400 to the dollar, and the country’s external reserves have risen to $47 billion.
The budget’s approval process is expected to be closely watched, with lawmakers urging the executive to ensure transparency and accountability in the allocation of funds.
The 2026 budget is seen as a critical component of Nigeria’s economic recovery plan, with the government aiming to drive growth, reduce poverty, and improve the lives of Nigerians.
Author
Leave a comment