Tinubu’s ₦58.47trn 2026 Appropriation Bill Scales Second Reading In Senate

The Senate, on Tuesday, passed for second reading the ₦58.47 trillion 2026 Appropriation Bill presented by President Bola Tinubu.

The passage followed a lead debate by the Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central), who sponsored the bill titled “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.”

Leading the debate, Bamidele described the bill as the legal instrument for translating the policy direction outlined by the President in his 2026 Budget Address into enforceable public expenditure.

“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, adding that it was central to governance, economic management, and national development in the coming fiscal year.

Bamidele noted that the bill was deemed to have passed first reading, having been laid before a joint session of the National Assembly on Friday, December 19, 2025.

He described the 2026 budget as one of consolidation, explaining that it builds on reforms undertaken by the administration to stabilise the economy and strengthen public finance.

According to him, the proposed total expenditure of ₦58.47 trillion comprises ₦4.09 trillion for statutory transfers, ₦15.90 trillion for debt servicing, ₦15.25 trillion for recurrent (non-debt) expenditure, and ₦23.21 trillion for capital expenditure through contributions to the Development Fund.

Bamidele said the structure of the budget reflects deliberate prioritisation, with capital expenditure emerging as the largest component of discretionary spending.

He noted that the ₦23.21 trillion capital allocation targets key growth-driving sectors, including transport infrastructure, power and energy, agriculture, industrial development, housing, and the digital economy.

On recurrent expenditure, he said the ₦15.25 trillion provision would ensure efficient government operations and service delivery, adding that strict cost controls and improved payroll management would be enforced.

He acknowledged the ₦15.90 trillion earmarked for debt servicing, noting that while it reflects existing obligations, the administration is pursuing improved revenue mobilisation, tax base expansion, and better performance of government-owned enterprises to reduce borrowing.

The Senate Leader also disclosed that the budget projects revenues of ₦34.33 trillion against expenditure of about ₦58.18 trillion, with a deficit of 4.28 per cent of GDP, which he said falls within the approved medium-term fiscal parameters.

Bamidele said the budget philosophy is anchored on consolidating macroeconomic stability, improving the business environment, promoting job-rich growth and poverty reduction, and strengthening human capital while protecting vulnerable Nigerians.

He added that security, education, healthcare, infrastructure, and agriculture feature prominently among the priorities.

Contributing to the debate, Senator Adamu Aliero (Kebbi Central) expressed support for the bill but urged the Senate Committee on Appropriations to subject it to rigorous scrutiny.

Senator Adams Oshiomhole (Edo North) said the emphasis on infrastructure and employment signalled a shift towards job-led growth, while commending the administration for prioritising security.

Former Senate President Ahmad Lawan (Yobe North) described the budget as bold and courageous, particularly in its focus on security and welfare, while Senate Minority Leader Abba Moro (Benue South) cautioned that effective implementation would be crucial.

After the debate, the Senate passed the bill for second reading and referred it to the Committee on Appropriations for further legislative work.