The Speaker of the Nigerian House of Representatives, Mr Tajudeen Abbas, has backed President Bola Tinubu’s 2026 Appropriation Bill, describing the proposal as a turning point towards fiscal realism and disciplined governance.
Mr Abbas thanked the President for submitting the budget on schedule, noting that timely presentation was critical to building a credible fiscal framework.
He observed that recent economic indicators suggested gradual improvement, including a decline in headline inflation, but emphasised that the new budget must produce concrete results for Nigerians.
“This occasion represents democracy at its strongest. Mr President, your presence here once again affirms your abiding faith in democratic institutions and your conviction that sustainable national renewal is achieved through partnership rather than proclamation,” the Speaker said.
Turning attention to the outgoing fiscal year, the Speaker said lawmakers needed to reflect on the experiences of 2025 in order to properly assess the new proposal.
“As we receive the 2026 Budget, it is both appropriate and necessary to reflect briefly on the fiscal year now drawing to a close. The story of 2025 is one of regained stability, renewed confidence, and steady progress,” he stated.
Mr Abbas said the economy navigated a difficult adjustment phase during the year, emerging better positioned for sustained expansion, even as global conditions remained uncertain.
However, he acknowledged that the volatility of the international oil market exposed weaknesses in some of the assumptions underpinning the 2025 budget.
“Some budget assumptions, particularly regarding crude oil prices and exchange rates, proved overly optimistic amid volatility in the international oil market. The sharp fluctuations in crude prices and external shocks tested projections and underscored the vulnerability of oil-dependent revenues,” he said.
According to the Speaker, the challenges did not derail the government’s reform programme but instead reinforced the need for greater discipline in fiscal planning.
“Rather than weakening the reform agenda, these challenges strengthened it. They reinforced the urgency of realism in budgeting, discipline in execution, and diversification in revenue planning.”
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He said the progress recorded in 2025 should be treated as a foundation rather than a destination.
According to him, “The gains of 2025 must be understood not as an end in themselves, but as the foundation for a more deliberate, realistic, and results-oriented 2026 Budget.”
Economic Growth
Mr Abbas disclosed that data from the National Bureau of Statistics showed Nigeria recorded positive economic growth throughout the year, with real GDP growth approaching four per cent, placing the country among the stronger-performing large economies in Sub-Saharan Africa.
Commending President Tinubu’s directive to operate a single fiscal framework, the Speaker said the move demonstrated a growing maturity in the administration’s reform agenda.
“One of the most reassuring signals of reform maturity in your approach to the 2026 Budget is your clear directive that Nigeria must operate with one budget and one fiscal framework,” Speaker Abbas said.
He added that the rejection of multiple spending windows and parallel budgets would help restore order and accountability in public finance.
“Your insistence that there should be no parallel budgets, no multiple spending windows, and no fragmented fiscal authorities speaks to discipline, clarity, and respect for due process.”
Mr Abbas said the National Assembly was confident that the structure of the 2026 Budget made it both ambitious and achievable.
According to him, “The National Assembly welcomes this stance. It reinforces confidence that the 2026 Budget is not merely expansive, but orderly, not merely ambitious, but disciplined.”
He stressed that economic growth must translate into improved livelihoods for citizens.
“Growth must increasingly translate into jobs, higher incomes, and expanded opportunity. Fiscal discipline must continue to deliver fairness, efficiency, and visible impact.”
Reaffirming the legislature’s support, the Speaker pledged a swift and thorough review of the budget proposal.
“On behalf of the National Assembly, I offer this assurance. We will consider the 2026 Appropriation Bill with urgency, diligence, and patriotism,” the Speaker added.
The 2026 Budget, tagged “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” reflects our determination to lock in macroeconomic stability, deepen competitiveness, and ensure that growth translates into decent jobs, rising incomes, and a better quality of life across Nigeria.