Nigeria’s federal government’s (FG) N58.47 trillion 2026 appropriation bill has passed the second reading at the house of representatives.
The money bill scaled second reading during Thursday’s plenary after the house reconvened from over 30 minutes of executive session.
Julius Ihonvbere, lawmaker representing Owan federal constituency and the majority leader, moved a motion for the consideration of the budget.
Presenting the bill’s general principles, Ihonvbere described the budget as part of a long and difficult journey towards peace, growth, stability, and sustainable development
He said true development must be sustainable, noting that temporary progress does not amount to real development.
The majority leader said economic growth is often challenging and painful, especially in a country that inherited distorted political, social, and economic structures.
The lawmaker said the task of restructuring and repositioning Nigeria would never be painless.
Ihonvbere said the current administration did not inherit a new set of citizens but was working with the same Nigerians and institutions shaped by previous administrations.
The ranking legislator urged lawmakers to put themselves in the position of those managing the economy, emphasising that the national assembly had a responsibility to guide the executive and ensure accountability.
He highlighted the president’s foreign engagements, including a recent visit to Turkey, which he described as a strong economic partner.
The lawmaker said the naira had remained relatively stable, noting that the exchange rate had fallen from over N1,800 to about N1,400, adding that President Bola Tinubu had not printed money since assuming office.
The lawmaker said Nigeria’s external reserves had risen to about $46 billion, enough to cover more than 10 months of imports, noting that these indicators formed the background to the 2026 budget.
Ihonvbere outlined the administration’s commitments, including improved budget discipline, stronger revenue performance, better tax administration, blockage of financial leakages, consolidation of macroeconomic stability, improvement of the business environment, human capital development, and effective debt management.
He said both the executive and the legislature were committed to implementing these goals in the interest of Nigerians.
Ihonvbere described the budget as a statement of promises, expectations, and the government’s vision, reflecting a commitment to building a social, political, economic, and cultural environment that enables Nigerians to reach their full potential.
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