The 2026 Appropriation Bill of ₦58.47 trillion has scaled second reading in the Senate.
This followed the presentation of the lead debate on the general principles of the bill by the Senate Leader, Opeyemi Bamidele during Tuesday’s plenary.
Themomentng reports that President Bola Tinubu had on Dec. 19 presented the budget estimate to a joint Session of the National Assembly.
Leading the debate, Bamidele said “I rise to lead the debate on a Bill for an Act to Authorise the Issue from the Consolidated Revenue Fund of the Federation the total sum of ₦58,472,628,944,759.
“This is for the services of the Federation for the year ending Dec. 31, 2026, as presented by Mr President to a Joint Session of the National Assembly”.
He said that the bill is the legal instrument through which the policy direction outlined by the President in his 2026 Budget Address is translated into enforceable public expenditure.
“It is therefore central to governance, economic management, and national development in the coming fiscal year”.
He noted that the bill was deemed to have been read the first time by virtue of its being laid before the Joint Session of the National Assembly on Friday, 19″.
Bamidele also said that the President’s Budget Address was frank about the fiscal environment confronting the nation.
“The economy is in a phase of adjustment following far-reaching reforms aimed at restoring stability, correcting distortions, and strengthening public finance.
“The 2026 Budget is therefore not an experimental document.
“It is a budget of consolidation—consolidating reforms already undertaken, stabilising key economic indicators, and accelerating growth through targeted public investment”, the senate leader said.
According to the proposal, total expenditure of ₦58.472 trillion comprises ₦4.097 trillion for statutory transfers, ₦15.909 trillion for debt service.
“₦15.252 trillion for recurrent (non-debt) expenditure, and ₦23.214 trillion for capital expenditure through contributions to the development fund”.
Bamidele said the structure of the budget reflected deliberate prioritisation, with capital spending emerging as the largest component of discretionary expenditure.
He said the ₦23.214 trillion capital allocation targets critical growth-driving sectors, including transport infrastructure, power and energy, agriculture, industrial development, housing and the digital economy.
“As the President emphasised, sustainable growth cannot be achieved without addressing infrastructure deficits and expanding the productive capacity of the economy,” Bamidele said.
He added that the spending plan was designed to stimulate private investment, create jobs and strengthen food and energy security.
He subsequently called on lawmakers to give the bill favourable consideration.
Contributing to the debate, Sen. Adamu Aliero (APC-Kebbi) said he supported the bill but urged the Appropriations Committee to subject it to rigorous examination.
“I support the bill. However, the committee on Appropriations should do thorough scrutiny,” Aliero said.
“₦23 trillion for capital projects is impressive and has never happened since we came in 2023.
“Well over ₦5 trillion on security is also commendable. Education allocation is also good and my prayer is that the funds be released for proper implementation.”
Sen. Sani Musa (APC-Niger) said the debt service provision, though large, was critical for restoring investor confidence, especially as the country approaches an election cycle.
“Now that we are going into a political period, the allocation of ₦15.9 trillion is for servicing our debts, which will further restore confidence between Nigeria and its development partners,” he said.
“I believe that 2026 is going to be better with a single budget.”
Following the debate, the Senate passed the 2026 Appropriation Bill for second reading and referred it to the Committee on Appropriations for detailed consideration.
