The Nigerian Senate has approved the 2026 Appropriation Bill valued at N58.47 trillion for second reading, following its presentation by President Bola Tinubu to a joint sitting of the National Assembly on December 19.
The bill progressed after the Senate Leader, Senator Opeyemi Bamidele, opened debate on its general principles during Tuesday, December 23, plenary session.
While leading the discussion, Bamidele explained that the appropriation bill serves as the statutory framework for implementing the policy objectives outlined by the President in his 2026 Budget Address.
He noted that the bill was already considered to have passed first reading, having been formally laid before the joint session of the National Assembly on Friday, December 19.
Bamidele also described the President’s budget presentation as candid, particularly in its assessment of the nation’s fiscal realities and economic challenges.
“The economy is in a phase of adjustment following far-reaching 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,” the Senate leader said.
He outlined the proposed spending framework, stating that the total expenditure of N58.472 trillion includes N4.097 trillion allocated for statutory transfers and N15.909 trillion earmarked for debt servicing.
“N15.252 trillion for recurrent (non-debt) expenditure, and N23.214 trillion for capital expenditure through contributions to the development fund,” he added.
According to Bamidele, the budget structure demonstrates clear priorities, with capital expenditure taking the largest share of discretionary spending.
He said the N23.214 trillion capital vote is directed at sectors considered critical to economic growth, 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,” Senator Bamidele said.
He further stated that the spending plan is intended to boost private sector investment, generate employment, and enhance food and energy security, urging senators to support the bill.
During contributions, Senator Adamu Aliero (APC, Kebbi) expressed support for the proposal but urged careful examination by lawmakers.
“I support the bill. However, the committee on Appropriations should do thorough scrutiny. The N23 trillion for capital projects is impressive and has never happened since we came in 2023″.
“Well over N5 trillion on security is also commendable. Education allocation is also good and my prayer is that the funds be released for proper implementation”.
Also speaking, Senator Sani Musa said the substantial allocation for debt servicing was necessary to reassure investors and development partners as the country heads toward another election season.
“Now that we are going into a political period, the allocation of N15.9 trillion is for servicing our debts, which will further restore confidence between Nigeria and its development partners. I believe that 2026 is going to be better with a single budget”.
At the conclusion of the debate, the Senate approved the bill for second reading and referred it to the Committee on Appropriations for detailed legislative scrutiny.
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