March 31, (THEWILL) — The House of Representatives, on Tuesday, passed the 2026 Appropriation Bill totalling ₦68,303,309,818,667, marking an increase of about ₦10 trillion from the ₦58.18 trillion proposal earlier presented by President Bola Tinubu to the National Assembly in December 2025.
The approval followed the consideration of the report of the House Committee on Appropriations during plenary at the Committee of Supply, presided over by the Speaker, Abbas Tajudeen.
The budget, themed “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, was presented by President Tinubu on December 19, 2025, as part of his administration’s fiscal strategy to sustain ongoing economic reforms, improve revenue performance, and strengthen national development outcomes.
Following detailed scrutiny, committee engagements, and defence sessions involving Ministries, Departments and Agencies (MDAs) and Government-Owned Enterprises (GOEs), the House approved key fiscal provisions under the 2026 framework.
Under the approved structure, withdrawals from the Consolidated Revenue Fund were authorised as follows: ₦4.79 trillion for Statutory Transfers; ₦15.80 trillion for Debt Service; ₦15.42 trillion for Recurrent (Non-Debt) Expenditure; and ₦32.26 trillion for Capital Expenditure through the Development Fund.
Lawmakers also approved an amendment to the Appropriation Act (Repeal and Enactment), 2025 and Related Matters (HB.2743), extending the implementation period of the capital component of the 2025 budget from March 31, 2026, to June 30, 2026. The extension is to ensure the completion of ongoing capital projects across critical sectors of the economy.
In further legislative action, the House considered and approved two reports of the Committee on Aids, Loans and Debt Management relating to key external financing requests.
These include a structured Total Return Swap external financing programme valued at $5 billion with First Abu Dhabi Bank, designed to support federal funding requirements and enhance fiscal liquidity management.
The House also approved a $1,000,945,693.055 UK Export Finance (UKEF)-backed facility arranged by Citibank for the rehabilitation and modernisation of the Lagos Port Complex and Tin Can Island Port Complex, aimed at improving trade efficiency, port infrastructure, and non-oil revenue generation.
The approvals followed presidential requests transmitted to the National Assembly by President Tinubu, seeking legislative backing for $6 billion in external borrowing to finance critical infrastructure projects across the country. According to the executive communication, the projects are targeted to address infrastructure gaps, enhance economic competitiveness, and strengthen Nigeria’s position as a regional trade hub.
Earlier in plenary, the House received notifications of defection from 29 Honourable Members who announced their resignation from their respective political parties to join others, citing internal party disputes and leadership challenges.
The Majority Caucus gained members from the New Nigeria Peoples Party (NNPP) and the Peoples Democratic Party (PDP), while two lawmakers moved from the Majority side to the Labour Party (LP) and the African Democratic Congress (ADC). Within the Minority Caucus, additional defections were recorded from the PDP to the ADC, Accord Party (AP), and Action Peoples Party (APP), reflecting ongoing political realignments within the chamber.
The House subsequently adjourned plenary to Tuesday, April 21, 2026, to allow Members to engage with their constituents and observe the 2026 Easter celebrations.
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