House of Representatives Approves N68.3 Trillion Budget for 2026
The House of Representatives has approved a budget of N68.3 trillion for the year 2026, surpassing the initial proposal of N58.18 trillion put forth by President Bola Tinubu. This decision came after a thorough review and endorsement of a report from the House Appropriations Committee during a plenary session.
Detailed Budget Breakdown
Among the budget allocations, N4.79 trillion is designated for statutory provisions, N15.8 trillion for debt repayments, N15.42 trillion for recurrent non-debt expenditures, and a significant N32.26 trillion for capital projects.
The Independent National Electoral Commission (INEC) received the largest statutory allocation at N1.1 trillion, followed by the Niger Delta Development Commission with N618.12 billion, the National Judicial Council at N610.17 billion, and the National Assembly with N577.85 billion. Additional funds include N490.28 billion for the Universal Basic Education Commission and N245.14 billion for the Basic Health Care Delivery Fund.
Current Expenditure Highlights
When examining recurrent non-debt expenditures, the Ministry of Defense received the largest allocation at N2.69 trillion. This was followed by the Ministry of Education with N1.38 trillion, the Ministry of Police at N1.27 trillion, and the Ministry of Health and Social Services with N1.3 trillion. Other noteworthy allocations include the Ministry of Interior at N662.74 billion, the Ministry of Youth Affairs at N498.06 billion, and the Office of the National Security Adviser receiving N377.215 billion.
Priorities for Capital Investment
In terms of capital investments, the Federal Ministry of Agriculture and Food Security leads the budget with an allocation of N3.25 trillion. The Federal Ministry of Works follows closely with N3.17 trillion. Other key ministries include the Ministry of Innovation, Science and Technology at N1.83 trillion, the Ministry of Health and Human Services with N1.22 trillion, and the Ministry of Education receiving N655.82 billion. The Ministry of Labor and Employment has a budget of N643.36 billion, while the Ministry of Finance has been allocated N625.29 billion.
Extension of 2025 Capital Budget Implementation
The House has also approved an extension of the implementation timeline for the 2025 capital budget, moving the deadline from March 31, 2026, to June 30, 2026. This decision came with the consideration and approval of HB.2743, the 2025 Appropriations Amendment Act.
Approval of $6 Billion Loan for Infrastructure Projects
In a significant move, lawmakers have approved President Tinubu’s request to allocate $6 billion in external funding to enhance federal funding and infrastructure projects. This funding includes a $5 billion loan facility from First Abu Dhabi Bank designated to address budget deficits and debt burdens and a $1 billion loan from UK Export Finance (UKEF), arranged by Citibank, aimed at rehabilitating the Lagos and Tin Can Island port complexes.
President Tinubu noted that the port project is designed to tackle Nigeria’s infrastructural challenges, enhance operational efficiency, bolster safety standards, and promote the diversification of non-oil trade.
