The 2026 Appropriation Bill of N58.472 trillion, has passed second reading in the Senate, after the lawmakers debated the general principles of the proposed money bill.
The passage followed the consideration of the fiscal proposals presented on the floor of the Chamber during plenary session by the Senate Leader, Senator Opeyemi Bamidele.
This was however, as the Senate explained that, while President Bola Tinubu’s budget speech to the joint session of the National Assembly on Friday last week read N58.18 trillion, the actual figure in the budget document laid before the lawmakers by the President after his speech, contained the some of N58.472 trillion.
The Chairman, Senate Committee on Appropriations, Senator Solomon Adeola, confirmed the figures while fielding question from journalists at the end of the plenary on Tuesday evening.
His words: “I can confirm to you that the Bill Mr President submitted to us during his budget presentation contained N58.47 trillion. And as the chairman of the Appropriations committee, that is the figure I will be working with. Let’s me clarify that the Bill, is a document and it’s more important than a budget speech.”
Recall that President Tinubu’s budget speech, both in text and audio, stated N58.18 as the total proposed budget sum for the fiscal year 2026, triggering obvious controversy in the public space.
However, the clarification by the Chairman of the Senate Committee on Appropriations would have laid the controversy to rest.
Presenting the document for debate, Opeyemi Bamidele said: “Mr President, Distinguished colleagues, this is a Bill for an Act to authorise the issue from Consolidated Revenue Fund of the Federation the total sum of N58, 472, 628, 944, 759 of which N4, 097, 381, 103, 856 is for statutory transfers.”
“The 2026 Appropriation Bill presents an opportunity for this Senate to reinforce fiscal discipline, promote accountability, and ensure that public resources deliver tangible outcomes. Distinguished Colleagues, the President did not shy away from the lessons of 2025 budget performance. Revenue shortfalls, expenditure pressures, and transitional execution challenges were openly acknowledged. However, the Executive has committed to stronger fiscal discipline in 2026, with clear directives to key fiscal authorities to ensure strict adherence to appropriations, timelines, and performance benchmarks. Of particular note is the firm stance on Government-Owned Enterprises, with an emphasis on digitised revenue mobilisation, zero tolerance for leakages, and performance-based accountability.
“Mr. President, the philosophy of the 2026 Budget is anchored on four pillars: consolidating macroeconomic stability; improving the business and investment environment; promoting job-rich growth and poverty reduction; and strengthening human capital while protecting the vulnerable. In essence, this Budget proposes that we spend with purpose, manage debt with discipline, and pursue growth that is broad-based and sustainable.
“The fiscal framework presented to us reflects this balance. With expected revenues of ₦34.33 trillion and total expenditure of ₦58.18 trillion, including ₦15.52 trillion for debt servicing, the projected deficit of 4.28% of GDP remains within the medium-term fiscal parameters approved by this Senate. Capital expenditure of over ₦26 trillion signals a strong development orientation, even as recurrent spending is restrained.
“Distinguished Colleagues, the sectoral priorities of this Budget speak directly to Nigeria’s pressing needs. Security receives primacy, rightly so, because without peace and safety, no economy can thrive. The President’s articulation of a restructured national security architecture and a firm stance against terrorism, banditry, kidnapping, and violent criminality underscores the seriousness of this commitment.
All the Senators that spoke during the debate commended President Tinubu for presenting what they described as a “budget that will take Nigeria to the next level.”
Contributing, Adamu Aliero who commended the huge allocation to security in the budget proposal, said that there could be no national growth without security.
Senator Ahmad Lawan, urged the executive arm to ensure that politics did not jeopardise the implementation of the budget considering the political activities that would dominate 2026.
Lawan canvased a bigger allocation to the newly established Ministry of Livestock Development, saying the sector was critical to the country’s development.
Senator Adams Oshiomhole noted the proposed allocations to key sectors like security, education and healthcare, urging however, that government should ensure that Nigerians get value for the money.
Senator Sani Musa, who chairs the Senate Committee on Finance, observed that the 2026 proposal was high on infrastructure, which he said, will go a long way in bridging the nation’s gaping infrastructure gap.
Senator Diket Plank observed that the budget prioritised macro economic stability, growth and infrastructure development. “There is high hope that the 2026 fiscal year will be more productive to Nigerians,” Plant said.
On his part, Senator Abbas Aminu urged the executive branch to ensure that the budget works for the people and implemented for the good of Nigerians.
Akwa Ibom senator, Asuquo Ekpenyong called for priority in the implementation of the infrastructure, education, healthcare and social services components of the budget.
Senator Osita Izunaso, while commending the President, pleaded the executive branch should do well to end multiple budget implementation that characterised the previous two budgets.
Senator Emmanuel Udende praised the document while Senator Saliu Mustapha said the facts and figures thein speak for themselves.
Senator Jide Ipinshaga described the proposal as “a robust document,” saying it captured all critical areas. He however called for proper implementation.
Minority Leader, Abba Moro said the document “looks beautiful,” predicting that it will project a gateway to a prosperous Nigeria.
In a related development, the Senate also on Tuesday, passed the sum of N43 trillion 2024 and 2025 Appropriations Act (repeal and re-enactment) Bills 2025.
The resolution of the Senate followed its consideration and approval of the recommendations of the report of its Committee on Appropriations.
After the passage of the bills, the apex legislative Assembly adjourned plenary for the year 2025, to resume on January 27, 2026.
