The Senate on Tuesday advanced President Bola Tinubu’s N58.47 trillion 2026 Appropriation Bill, approving the Bill at second reading after an extensive debate on the floor.
The Bill, sponsored by Senate Leader Opeyemi Bamidele, Senator representing Ekiti Central, is formally titled “A Bill for an Act to Authorise the Issue from the Consolidated Revenue Fund of the Federation the total sum of N58,472,628,944,759 for the services of the Federation for the year ending 31st December, 2026.”
Opening the debate, Bamidele explained that the Appropriation Bill provides the legal backing for implementing the Policy direction outlined by President Tinubu in the 2026 Budget presentation.
“This 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,” he said, describing the Bill as central to Governance, Economic management and National development in the next Fiscal year.
He noted that the Proposal was deemed to have passed first reading after it was laid before a joint sitting of the National Assembly on Friday, December 19.
Bamidele described the 2026 Budget as a Budget of consolidation, saying it builds on Economic reforms already undertaken by the Administration to stabilise the Economy and strengthen Public finance.
“The economy is in a phase of adjustment following far-reaching reforms aimed at restoring stability, correcting distortions, and strengthening public finance,” he said.
“The 2026 Budget is therefore not an experimental document. It is a budget of consolidation.”
Under the Proposal, total Expenditure of N58.47 trillion comprises N4.09 trillion for Statutory transfers, N15.90 trillion for Debt service, N15.25 trillion for Recurrent (non-debt) expenditure and N23.21 trillion for Capital expenditure through contributions to the Development fund.
Bamidele said the Structure of the Budget reflects clear Priorities, with Capital spending emerging as the largest Component of discretionary Expenditure.
He explained that the N23.21 trillion Capital allocation targets 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,” he said.
On Recurrent expenditure, Bamidele said the N15.25 trillion Provision would ensure efficient Government operations and Service delivery, adding that Cost controls and improved Payroll management would be enforced.
He said the N15.90 trillion earmarked for Debt service reflects existing Obligations, noting that the Administration is pursuing improved Revenue mobilisation, Tax base expansion and better performance of Government-owned Enterprises.
“This senate will continue to exercise its oversight responsibility to ensure that borrowing remains prudent and that debt is deployed strictly for development purposes,” he said.
Bamidele added that the N4.09 trillion for Statutory transfers fulfils Constitutional obligations to key Institutions critical to Democratic stability.
He said the Budget projects Revenue of N34.33 trillion against Expenditure of about N58.18 trillion, resulting in a Deficit of 4.28 per cent of GDP, which he said is within approved Medium-term fiscal parameters.
According to him, the Budget philosophy is anchored on Macroeconomic stability, Business environment improvement, Job-rich growth, Poverty reduction, Human capital development and protection of Vulnerable groups.
Security, Education and Healthcare, he said, feature prominently among Priorities alongside Infrastructure and Agriculture.
“The true test of a budget is not in its presentation, but in its delivery,” Bamidele said, urging Lawmakers to ensure Transparency and Value for money.
Contributing, Adamu Aliero, Senator representing Kebbi Central, said he supported the Bill but urged the Committee on Appropriations to conduct rigorous scrutiny.
“I support the bill. However, the committee on appropriations should do thorough scrutiny,” he said.
Adams Oshiomhole, Senator representing Edo North, said the emphasis on Infrastructure and Employment signals a shift towards Job-led growth.
He also commended Tinubu for allocating the highest share of the Budget to Security, saying it reflects “national sentiment”.
Ahmad Lawan, Senator representing Yobe North and former Senate President, described the Budget as “very bold and courageous,” particularly in its focus on Security and Welfare.
Abba Moro, Senate Minority Leader and Senator representing Benue South, said the Budget appears attractive but warned that Implementation would be critical.
Emmanuel Udende, Senator representing Benue North-East, praised the President for prioritising Security, citing the Situation in his Constituency.
“As most of you are aware, the bulk of my people are refugees in their very own abode,” he said.
“For prioritising security, it means if the budget is enforced, my people will go back to their farms and thus, agriculture will be encouraged.”
Ali Ndume, Senator representing Borno South, also commended the focus on Security but stressed the need for strict adherence to the Budget.
After the Debate, the Senate passed the Bill for second reading and referred it to the Committee on Appropriations for further Legislative consideration.
