The Senate on Tuesday opened formal debate on the 2026 Appropriation Bill, as lawmakers began consideration of the fiscal plan seeking approval for ₦58.47 trillion in federal expenditure for the 2026 financial year.
Leading the debate, the Senate Leader, Senator Opeyemi Bamidele (Ekiti Central), said the Bill provides the statutory backing for the implementation of the 2026 Budget presented by President Bola Tinubu to a joint sitting of the National Assembly on December 19, 2025. He explained that the Bill was regarded as having passed first reading following the President’s presentation.
Bamidele described the Appropriation Bill as a cornerstone of governance, noting that it translates the President’s policy objectives into actionable and enforceable spending plans for the year.
He told the chamber that the 2026 Budget was prepared within the context of ongoing economic reforms aimed at stabilising the economy, correcting structural imbalances and strengthening public finance management.
According to him, the proposed spending plan is designed as a consolidation budget, building on reforms already implemented while focusing on stabilising key economic indicators and driving growth through targeted public investments.
A breakdown of the ₦58.472 trillion proposal, he said, includes ₦4.097 trillion for statutory transfers, ₦15.909 trillion for debt servicing, ₦15.252 trillion for recurrent non-debt expenditure and ₦23.214 trillion for capital expenditure through the Development Fund.
Bamidele noted that the budget structure reflects deliberate prioritisation, with capital spending accounting for the largest share of discretionary expenditure. He said the ₦23.214 trillion capital allocation would support critical sectors such as transport infrastructure, power and energy, agriculture, industrial development, housing and the digital economy.
He added that the capital component was intended to boost private sector participation, create employment and strengthen food and energy security by addressing long-standing infrastructure gaps.
On recurrent expenditure, the Senate Leader said the ₦15.252 trillion provision was meant to sustain government operations and ensure effective service delivery, while emphasising that efficiency measures and cost controls would be enforced.
He also addressed the ₦15.909 trillion set aside for debt servicing, noting that it reflects existing obligations but assured that the government was committed to improving revenue generation and gradually reducing dependence on borrowing.
Bamidele said the ₦4.097 trillion allocated to statutory transfers would meet constitutional obligations to key institutions, which he described as vital to democratic stability and institutional autonomy.
He urged senators to approach the Bill with diligence and a sense of responsibility, stressing the importance of transparency, fiscal discipline and alignment with national development priorities.
While acknowledging challenges experienced during the implementation of the 2025 budget, including revenue constraints, he said the Executive had pledged to strengthen fiscal discipline in 2026 through improved digital revenue systems, zero tolerance for leakages and stronger accountability for government-owned enterprises.
Bamidele further disclosed that projected revenues of ₦34.33 trillion against total expenditure of ₦58.18 trillion, including ₦15.52 trillion for debt servicing, would result in a deficit of 4.28 per cent of GDP, which he said falls within the medium-term fiscal framework earlier approved by the Senate.
He noted that allocations to security, education, healthcare, infrastructure and agriculture reflected the country’s most urgent needs, stressing that national security remains fundamental to economic growth.
He concluded by calling on senators to support the Bill’s second reading and its referral to the Appropriations Committee for detailed scrutiny, urging lawmakers to ensure equity, realism and value for money throughout the legislative process and subsequent oversight.
