Senate Begins Debate On ₦58.47trn 2026 Budget Estimates

The Senate, on Tuesday, formally commenced debate on the 2026 Appropriation Bill, with the Senate Leader, Senator Opeyemi Bamidele (Ekiti Central), leading deliberations on the landmark fiscal proposal that seeks to authorise federal spending of ₦58.47tn for the 2026 financial year.

Presenting the general principles of the Bill, Bamidele told the chamber that the proposed legislation provides the legal framework for implementing the 2026 Budget as presented by President Bola Tinubu to a joint session of the National Assembly on December 19, 2025.

He noted that the Bill was deemed to have passed first reading by virtue of that presentation.

“Distinguished Colleagues, 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 for the services of the Federation for the year ending 31st December, 2026, as presented by Mr President to a Joint Session of the National Assembly,” Bamidele said.

He described the Appropriation Bill as central to governance and economic management, stressing that it translates the policy direction of the President’s Budget Address into enforceable public expenditure.

Providing the macroeconomic background, the Senate Leader said the 2026 Budget was framed against the backdrop of ongoing economic 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,” he stated.

Bamidele explained that the proposed ₦58.472 trillion expenditure 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.

According to him, the structure of the budget reflects deliberate prioritisation, with capital expenditure forming the largest component of discretionary spending.

“Capital expenditure remains the single largest component of discretionary spending, underscoring the administration’s commitment to growth, productivity, and infrastructure development,” he said.

He described the ₦23.214 trillion capital allocation as the backbone of the 2026 Budget, targeting critical sectors such as 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 noted, adding that the allocation was designed to stimulate private investment, create jobs and strengthen food and energy security.

On recurrent expenditure, the Senate Leader said the ₦15.252 trillion provision was intended to ensure efficient government operations and effective service delivery, including personnel costs and overheads, while assuring that strict cost controls and efficiency measures would be applied.

Addressing debt service, Bamidele said the ₦15.909 trillion allocation reflected existing obligations but emphasised the administration’s commitment to improving revenue mobilisation and reducing reliance on borrowing over time.

“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.

He also highlighted the ₦4.097 trillion earmarked for statutory transfers as fulfilling constitutional obligations to key institutions, noting their importance to democratic stability and institutional independence.

Bamidele urged senators to approach the Bill with a strong sense of legislative responsibility, stressing the need for transparency, fiscal discipline and alignment with national priorities.

He acknowledged challenges encountered in the implementation of the 2025 budget, including revenue shortfalls and execution pressures, but said the Executive had committed to stronger fiscal discipline in 2026, with particular emphasis on digitised revenue mobilisation, zero tolerance for leakages and performance-based accountability for government-owned enterprises.

He added that with projected revenues of ₦34.33 trillion and total expenditure of ₦58.18 trillion, including ₦15.52 trillion for debt servicing, the projected deficit of 4.28 per cent of GDP remained within the medium-term fiscal framework approved by the Senate.

Bamidele said sectoral priorities such as security, education, healthcare, infrastructure and agriculture reflected Nigeria’s most pressing needs, noting that peace and safety were fundamental to economic growth.

“The true test of a budget is not in its presentation, but in its delivery.f

“I therefore urge my Distinguished Colleagues to give this Bill a favourable second reading and commit it to the Appropriations Committee for detailed consideration,” he said, urging senators to ensure equity, realism and value for money during legislative scrutiny and subsequent oversight.