The Senate on Tuesday commenced formal deliberations on the 2026 Appropriation Bill, a fiscal proposal seeking legislative approval for federal expenditure of ₦58.47 trillion for the 2026 financial year.
Leading the debate, the Senate Leader, Senator Opeyemi Bamidele (Ekiti Central), presented the general principles of the Bill, explaining that it provides the legal basis for implementing the 2026 Budget earlier presented by President Bola Tinubu to a joint sitting of the National Assembly on December 19, 2025.
He noted that the budget proposal was deemed to have passed first reading following that presentation.
Bamidele described the Appropriation Bill as a critical instrument of governance, stressing that it translates the President’s fiscal and policy objectives into enforceable public expenditure.
He told lawmakers that the 2026 Budget was framed 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 focused on consolidation rather than experimentation, building on reforms already undertaken while targeting sustainable growth through strategic public investment.
He explained that the ₦58.47 trillion expenditure comprises ₦4.09 trillion for statutory transfers, ₦15.91 trillion for debt servicing, ₦15.25 trillion for recurrent non-debt expenditure, and ₦23.21 trillion allocated to capital projects through the Development Fund.
Bamidele noted that capital expenditure represents the largest share of discretionary spending, reflecting the administration’s emphasis on infrastructure development and economic productivity.
The Senate Leader said the capital allocation is targeted at key sectors including transport infrastructure, power and energy, agriculture, housing, industrial development and the digital economy, with the aim of stimulating private investment, job creation, and improved food and energy security.
On recurrent expenditure, he said the allocation would support efficient government operations and service delivery, while assuring senators that cost-control and efficiency measures would be enforced.
He also acknowledged the size of the debt service component but said efforts were underway to improve revenue mobilisation and reduce dependence on borrowing.
Bamidele added that the projected budget deficit of about 4.28 per cent of GDP falls within the medium-term fiscal framework approved by the Senate.
He urged lawmakers to scrutinise the Bill with a sense of responsibility, transparency and fiscal discipline, and called for its passage to second reading and referral to the Appropriations Committee for detailed consideration.
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