The ₦58.47 trillion Appropriation Bill for 2026 has successfully passed its second reading in the Nigerian Senate. This milestone came after Senate Leader Opeyemi Bamidele presented the main arguments on the bill’s core principles during the Tuesday plenary session.
On December 19, President Bola Tinubu submitted the budget proposal to a combined sitting of the National Assembly. In his lead presentation, Bamidele stated, “I stand to guide the discussion on a Bill for an Act to Permit the Withdrawal from the Consolidated Revenue Fund of the Federation the sum of ₦58,472,628,944,759.
“This allocation is intended for the Federation’s services for the fiscal year concluding on December 31, 2026, as outlined by the President in his address to the joint National Assembly session.”
He explained that this legislation serves as the mechanism to implement the President’s outlined policies from his 2026 Budget speech into actionable government spending.
“Thus, it plays a pivotal role in administration, fiscal oversight, and the country’s progress in the next financial year.”
He mentioned that the bill was considered to have undergone its first reading upon its initial presentation to the joint session on December 19. Bamidele further noted that the President’s budget speech was straightforward regarding the nation’s financial challenges.
“The economy is undergoing adjustments after significant reforms designed to enhance stability, fix imbalances, and bolster public finances. Consequently, the 2026 Budget is not a trial run.
“It represents a plan for reinforcement—building on existing changes, steadying vital economic metrics, and boosting expansion via strategic investments,” remarked the Senate Leader.
The proposed budget totals ₦58.472 trillion, broken down as ₦4.097 trillion for mandatory transfers, ₦15.909 trillion for debt obligations.
“₦15.252 trillion for ongoing non-debt costs, and ₦23.214 trillion designated for capital projects via the development fund contributions.”
Bamidele highlighted that the budget’s framework shows intentional focus, with capital outlays being the biggest share of flexible spending. He stated that the ₦23.214 trillion for capital is directed toward essential sectors that drive growth, such as transportation networks, energy and power, farming, manufacturing, residential development, and digital advancements.
“As underscored by the President, lasting development requires tackling infrastructure gaps and increasing economic productivity,” Bamidele added.
He continued that the expenditure strategy aims to encourage private sector involvement, generate employment, and improve security in food and energy supplies. He then urged his colleagues to support the bill. In his input, Senator Adamu Aliero (APC-Kebbi) endorsed the proposal but recommended thorough review by the Appropriations Committee.
“I back this bill. That said, the Appropriations Committee must conduct a detailed analysis,” Aliero commented. “The ₦23 trillion for infrastructure is remarkable and unprecedented since 2023.
“Over ₦5 trillion for security is praiseworthy too. The education funding is solid, and I hope releases happen promptly for effective execution.”
Senator Sani Musa (APC-Niger) observed that the substantial debt servicing amount is essential for rebuilding trust with investors, particularly ahead of elections.
“With the political season approaching, the ₦15.9 trillion debt service will enhance Nigeria’s credibility with international partners,” he noted.
“I’m confident 2026 will improve under this unified budget.” After the discussions, the Senate approved the 2026 Appropriation Bill for its second reading and assigned it to the Appropriations Committee for in-depth review.
