Speaker Abbas praises Tinubu’s fiscal reforms, assures swift passage of 2026 Budget

The Speaker of the House of Representatives Tajudeen Abbas on Friday commended President Bola Ahmed Tinubu for deepening fiscal discipline and restoring macroeconomic stability, as the National Assembly formally received the 2026 Appropriation Bill at a joint sitting in Abuja.

In his closing remarks and vote of thanks after the President’s budget presentation, the Speaker said Tinubu’s decision to personally present the 2026 budget reflected his “abiding faith in democratic institutions” and commitment to collaboration between the executive and the legislature in driving sustainable national renewal.

He described 2025 as a year of regained stability, renewed confidence and steady progress, noting that while the fiscal year was shaped by global economic headwinds and volatility in crude oil prices, the challenges ultimately strengthened Nigeria’s reform agenda.

“Some budget assumptions, particularly on crude oil prices and exchange rates, proved overly optimistic amid volatility in the international oil market,” the Speaker said.

“Rather than weakening reform, these challenges reinforced the urgency of realism in budgeting, discipline in execution and diversification in revenue planning.”

Citing figures from the National Bureau of Statistics, he said Nigeria recorded positive growth throughout 2025, with real GDP growth approaching four per cent, positioning the country among the stronger-performing large economies in Sub-Saharan Africa.

He added that inflationary pressures eased following the rebasing of the Consumer Price Index, while food inflation declined due to improved agricultural output, targeted government interventions and more stable supply chains.

According to him, external indicators also improved, including stronger foreign exchange reserves, resilient remittance inflows, rising export receipts and greater coherence in the foreign exchange market.

The Speaker noted that both the World Bank and the International Monetary Fund have acknowledged these improvements as signs of restored macroeconomic credibility and a stronger foundation for medium-term growth.

He said the central objective for 2026 must be to ensure that economic growth translates into jobs, higher incomes and expanded opportunities for Nigerians, stressing that the new budget must be anchored on credible targets, realistic assumptions and disciplined implementation.

He welcomed President Tinubu’s directive that Nigeria must operate under one budget and one fiscal framework, describing the policy as a major signal of reform maturity.

“Your insistence that there should be no parallel budgets, no multiple spending windows and no fragmented fiscal authorities restores order to public finance and ensures that every naira appropriated by this Parliament aligns with national priorities,” he said.

On security, the Speaker said the administration’s national emergency posture was critical to development, noting that security underpins food production, price stability, investment confidence and social cohesion.

He said the 2026 budget appropriately prioritised security through expanded recruitment, improved training and welfare, enhanced intelligence coordination and strengthened territorial security.

He also highlighted the significance of 2026 as the first full fiscal year for implementing Nigeria’s new tax laws, describing the reforms as a major step in state-building that would broaden the tax base, improve equity, reduce leakages and strengthen non-oil revenues.

“With these reforms, the 2026 Budget is anchored in sustainable revenue rather than deferred obligations,” he said.

The Speaker assured Nigerians that the National Assembly would treat the 2026 Appropriation Bill with urgency and diligence, while subjecting it to rigorous scrutiny to ensure accountability and value for money.

“To Nigerians watching, the message of this budget is clear: stability has been restored, confidence rebuilt, fiscal order strengthened, and the foundations for shared prosperity firmly in place,” he said.

He concluded by thanking President Tinubu for his leadership, Senate President Godswill Akpabio for his partnership, and lawmakers for their commitment to national service, while offering prayers for continued progress and unity in Nigeria.