…adjourn plenary till 21st April
The House of Representatives on Tuesday passed through third reading the N68.30 trillion appropriation bill for the 2026 fiscal year.
The approved budget was N9.81 trillion higher than the N58.47 trillion budget proposal laid before the joint session of the National Assembly by President Bola Tinubu.
The budget was passed after the clause-by-clause consideration of the report of the House Committee on Appropriation, chaired by Hon. Abubakar Bichi.
After weeks of legislative work, Hon. Bichi, who presented the committee’s report, outlined adjustments to the 2026 Appropriation Bill and its financing framework in line with the President’s request.
According to him, key strategic interventions include N7.71 trillion in legacy capital obligations from the 2025 budget and N2 trillion for priority capital projects that were omitted from the rollover into the 2026 budget.
The approved budget allocates N4.79 trillion for statutory transfers, N15.80 trillion for debt servicing, N15.41 trillion for recurrent non-debt expenditure, and N32.26 trillion to the development fund for capital projects.
Notable allocations include N2.69 trillion for the Ministry of Defence, N1.27 trillion for the Ministry of Police Affairs, and N1.01 trillion for the Independent National Electoral Commission (INEC).
The House also approved President Tinubu’s request for a N5 billion loan from Abu Dhabi Bank to establish a structured total return swap external financing programme in support of the federal government’s funding and fiscal liquidity management.
Additionally, a $1.94 billion loan for the rehabilitation of Lagos Port Complex and Tin-Can Port Complex received approval.
Members further endorsed the extension of the implementation of the capital components of the 2025 budget from March 31st to June 30th, 2026.
After the end of the Tuesday plenary, the House resolved to adjourn plenary until 21st April, 2026.