President Bola Tinubu‘s N58.47 trillion 2026 appropriations bill was approved by the Senate on Tuesday for second reading.
The bill, “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 December 31, 2026,” was sponsored by Opeyemi Bamidele, a senator from Ekiti Central and the leader of the Senate.
Leading the discussion, Bamidele claimed that the measure was the legal tool for converting Tinubu’s 2026 budget speech’s strategic direction into legally binding public spending.
“This b1ill 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.
“It is therefore central to governance, economic management, and national development in the coming fiscal year.”
Bamidele stated that once the law was presented before a joint session of the national assembly on Friday, December 19, it was considered to have passed first reading.
The 2026 budget, he said, represents a culmination of the administration’s initiatives to improve public finances and stable the economy.
“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.”
N4.09 trillion for statutory transfers, N15.90 trillion for debt servicing, N15.25 trillion for recurring (non-debt) expenditures, and N23.21 trillion for capital expenditures through contributions to the development fund make up the proposed total spending of N58.47 trillion.
According to Bamidele, the budget’s structure demonstrated intentional prioritisation, with capital expenditures emerging as the biggest share of discretionary spending.
According to him, growth-promoting industries such transport infrastructure, electricity and energy, agriculture, industrial development, housing, and the digital economy are the focus of the N23.21 trillion capital allocation.
“As the President emphasised, sustainable growth cannot be achieved without addressing infrastructure deficits and expanding the productive capacity of the economy,” he said.
Regarding recurring expenditures, Bamidele stated that the N15.25 trillion provision will guarantee effective government operations and service delivery, together with the enforcement of stringent cost controls and enhanced payroll management.
He stated that the N15.90 trillion set aside for debt servicing represented current commitments, but added that the administration was working to increase revenue mobilisation, broaden the tax base, and enhance the performance of government-owned businesses.
“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.
The N4.09 trillion for statutory transfers, according to Bamidele, fulfilled constitutional duties to important institutions that are essential to democratic stability.
The congressman stated that the budget was within authorised medium-term fiscal limits and predicted receipts of N34.33 trillion against expenditures of almost N58.18 trillion, resulting in a deficit of 4.28 percent of GDP.
Consolidating macroeconomic stability, enhancing the business climate, encouraging job-rich development and poverty reduction, and bolstering human capital while safeguarding the disadvantaged are the pillars of the budget ideology, according to Bamidele.
In addition to infrastructure and agriculture, he stated that security, healthcare, and education were top concerns.
“The true test of a budget is not in its presentation, but in its delivery,” Bamidele said.
He also urged lawmakers to ensure transparency and value for money.
Contributing, Adamu Aliero, senator representing Kebbi central, said he supported the bill but urged the appropriations committee to subject it to 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 signalled a shift towards job-led growth.
Additionally, he praised Tinubu for allocating the most sum to security, saying that it represents “national sentiment.”
Ahmad Lawan, a former Senate president and senator from Yobe North, called the budget “very bold and courageous,” especially in light of its emphasis on welfare and security.
Benue South senator and Senate minority leader Abba Moro said the budget was appealing but cautioned that execution would be crucial.
Benue’s northeastern senator, Emmanuel Udende, praised the president for putting security first.
“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.”
Senator Ali Ndume, who represents Borno South, praised the emphasis on security but emphasised the necessity of rigorous budgetary compliance.
After the discussion, the bill was approved by the Senate for a second reading and sent to the appropriations committee for further review.
