Reps cross N58.47tn 2026 price range, says Nigeria hasn’t published unmarried naira beneath Tinubu

Editor-in-chiefJanuary 30, 20263 Mins read20

Reps cross N58.47tn 2026 price range, says Nigeria hasn’t published unmarried naira beneath Tinubu

Reps Pass N58.47tn 2026 Budget, Says Nigeria Hasn’t Printed New Naira Under Tinubu

Introduction

In a significant legislative development, the House of Representatives has approved President Bola Tinubu’s N58.47 trillion 2026 Appropriation Bill during its second reading. This landmark budget proposal, titled “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” represents a crucial step in Nigeria’s economic planning and fiscal management strategy under the current administration.

Key Points

The House of Representatives passed the N58.47 trillion 2026 Appropriation Bill for second reading
The budget proposal is titled "Budget of Consolidation, Renewed Resilience, and Shared Prosperity"
Total expenditure is estimated between N58.18 trillion and N58.47 trillion
The administration claims no new naira has been printed since taking office
The bill has been referred to the House Committee on Appropriations for further legislative consideration

Background

The 2026 budget proposal comes at a critical time for Nigeria’s economy, as the country continues to navigate various economic challenges while pursuing sustainable growth and development. President Bola Tinubu presented this comprehensive budget plan to a joint sitting of the National Assembly in December of the previous year, outlining the government’s fiscal priorities and economic strategies for the coming year.

The budget framework reflects the administration’s commitment to maintaining fiscal discipline while addressing key national priorities such as infrastructure development, social welfare programs, and economic diversification initiatives. This approach aligns with broader economic reform efforts aimed at stabilizing Nigeria’s economy and promoting sustainable growth.

Analysis

The passage of this substantial budget proposal demonstrates the legislative body’s confidence in the administration’s economic management strategy. The budget’s structure reveals several important priorities:

Expenditure Breakdown

The budget allocation shows a balanced approach to national spending, with significant portions dedicated to various sectors:

– Statutory transfers: N4.09 trillion
– Debt servicing: N15.91 trillion
– Recurrent (non-debt) expenditure: N15.25 trillion
– Capital expenditure: Between N23.21 trillion and N26.08 trillion

Fiscal Discipline Claims

House Leader Julius Ihonvbere’s statement about maintaining fiscal discipline by not printing new currency is particularly noteworthy. This approach suggests a commitment to monetary stability and inflation control, which are crucial factors in economic management. The reference to avoiding Ways and Means advances from the Central Bank of Nigeria indicates a departure from previous practices that often led to monetary expansion and inflationary pressures.

Development Fund Allocation

The allocation of capital expenditure through the Development Fund suggests a strategic approach to infrastructure development and economic growth initiatives. This funding mechanism could potentially enhance transparency and efficiency in project implementation.

Practical Advice

For stakeholders and citizens interested in understanding the implications of this budget:

1. **Monitor Implementation**: Keep track of how the allocated funds are utilized across different sectors
2. **Engage with Representatives**: Participate in public hearings and provide input on budget priorities
3. **Assess Impact**: Evaluate the budget’s effects on various sectors of the economy
4. **Stay Informed**: Follow updates on the budget’s progress through the legislative process

FAQ

What is the total amount of the 2026 budget proposal?

The total expenditure is estimated between N58.18 trillion and N58.47 trillion.

What is the title of the 2026 budget proposal?

The budget is titled “Budget of Consolidation, Renewed Resilience, and Shared Prosperity.”

What does the administration claim about currency printing?

The administration claims that no new naira has been printed since taking office, maintaining fiscal discipline.

What happens after the second reading of the budget?

The bill has been referred to the House Committee on Appropriations for further legislative consideration.

How is the budget allocated across different sectors?

The budget includes allocations for statutory transfers, debt servicing, recurrent expenditure, and capital expenditure, with significant funding directed through the Development Fund.

Conclusion

The passage of the N58.47 trillion 2026 Appropriation Bill marks a significant milestone in Nigeria’s fiscal planning and economic management. The administration’s commitment to fiscal discipline, as evidenced by the claim of not printing new currency, suggests a focus on monetary stability and sustainable economic growth. As the budget moves through the legislative process, stakeholders will be watching closely to see how these allocations translate into tangible benefits for the Nigerian economy and its citizens.

The success of this budget will largely depend on effective implementation, transparency in fund utilization, and the government’s ability to maintain the claimed fiscal discipline throughout the fiscal year. As the process continues, it will be crucial for all stakeholders to remain engaged and informed about the budget’s progress and impact.