The Senate on Tuesday passed President Bola Ahmed Tinubu’s ₦58.47 trillion 2026 Appropriation Bill for second reading, pushing forward the government’s fiscal agenda for the coming year. The bill now moves to the Senate Committee on Appropriations for detailed scrutiny.
The debate was led by Senate Leader Opeyemi Bamidele, who described the budget as the legal framework for implementing the president’s 2026 economic vision. He said the proposal reflects a shift from experimentation to consolidation, building on reforms already undertaken to stabilise the economy and strengthen public finances.
Bamidele explained that the bill, formally titled the 2026 Appropriation Act, authorises total spending of ₦58.47 trillion for the fiscal year ending December 31, 2026. He noted that it was deemed to have passed first reading after being presented to a joint session of the National Assembly on December 19.
A breakdown of the budget shows ₦4.09 trillion allocated for statutory transfers, ₦15.90 trillion for debt servicing, ₦15.25 trillion for recurrent non-debt expenditure, and ₦23.21 trillion for capital spending. Capital expenditure emerged as the largest discretionary component, reflecting the administration’s focus on long-term growth.
According to Bamidele, the capital allocation targets critical sectors such as transport infrastructure, power and energy, agriculture, housing, industrial development and the digital economy. He said addressing infrastructure gaps remains essential to expanding productive capacity and sustaining economic growth.
On recurrent spending, he said the provision would support efficient government operations while enforcing strict cost controls and improved payroll management. He added that while debt service obligations remain high, the government is pursuing stronger revenue mobilisation, tax expansion and better performance from government-owned enterprises.
The budget projects revenue of ₦34.33 trillion, leaving a fiscal deficit of about 4.28 percent of GDP, which Bamidele said falls within approved medium-term fiscal limits.
Several senators supported the bill but urged rigorous oversight. Former Senate President Ahmad Lawan described the budget as bold, while Adams Oshiomhole and Ali Ndume praised the heavy allocation to security. Minority Leader Abba Moro cautioned that effective implementation would determine its success.
After the debate, the Senate formally passed the bill for second reading and referred it to the appropriations committee.
