N’Assembly Vows Rigorous Scrutiny of 2026 Budget Proposal

The National Assembly has pledged to subject the 2026 Appropriation Bill to strict scrutiny, drawing lessons from the implementation challenges encountered during the 2025 fiscal year.

The Speaker of the House of Representatives, Tajudeen Abbas, gave the assurance on Friday during a joint sitting of the National Assembly in Abuja, where President Bola Ahmed Tinubu formally presented the 2026 budget estimates.

President Tinubu arrived at the chamber at 2:59 p.m., accompanied by Vice-President Kashim Shettima, All Progressives Congress (APC) National Chairman, Professor Nentawe Goshwe Yilwatda, and the National Security Adviser, Nuhu Ribadu. Several APC governors were also in attendance, including Babajide Sanwo-Olu (Lagos), Bassey Otu (Cross River), Sheriff Oborevwori (Delta), Siminalayi Fubara (Rivers), Dapo Abiodun (Ogun), Hope Uzodimma (Imo), Umo Eno (Akwa Ibom), Hyacinth Alia (Benue) and AbdulRahman AbdulRazaq (Kwara).

Abbas said although the economy showed signs of recovery and stability in 2025, volatility in global oil markets and overly optimistic fiscal assumptions exposed the risks of Nigeria’s continued dependence on crude oil revenues. He stressed that realism, discipline and prudence must underpin the 2026 budget framework.

According to him, fluctuations in crude oil prices and exchange rates strained projections in the outgoing fiscal year, underscoring the need for conservative budgeting and a diversified revenue base.

“The experience of 2025 reinforced our understanding that credible budgets must be built on realistic assumptions, disciplined execution and resilient fiscal frameworks,” the Speaker said.

He noted that data from the National Bureau of Statistics indicated positive economic growth in 2025, with real GDP approaching four per cent, while inflationary pressures eased following the rebasing of the Consumer Price Index.

Abbas also highlighted improvements in external sector indicators, including stronger foreign exchange reserves, increased export earnings and sustained remittance inflows. He said these developments had been acknowledged by the World Bank and the International Monetary Fund as signs of improved macroeconomic credibility.

The Speaker assured that the National Assembly would ensure the 2026 budget translates ongoing economic reforms into tangible benefits for Nigerians, such as job creation, higher incomes and expanded economic opportunities.

He particularly welcomed President Tinubu’s directive for the country to operate a single fiscal framework, describing it as a critical step toward restoring transparency and order in public finance.

He said the insistence on one budget, without parallel spending windows or fragmented fiscal authorities, demonstrated fiscal discipline and respect for due process, adding that it would ensure all appropriated funds align with national priorities.

On security, Abbas stressed that effective funding of the sector was essential for economic growth, food production and investor confidence. He said lawmakers would closely monitor the utilisation of security allocations to ensure measurable improvements in safety across the country.

He also described the new tax laws expected to take effect in 2026 as crucial to strengthening non-oil revenues, reducing leakages and ensuring sustainable financing of government obligations.

Abbas assured Nigerians that the National Assembly would treat the 2026 budget proposal with urgency and patriotism, insisting that every naira appropriated must deliver tangible value to citizens.