The Senate on Tuesday approved President Bola Ahmed Tinubu’s ₦58.47 trillion 2026 Appropriation Bill for second reading, paving the way for detailed examination of the proposed spending framework.
The motion was led by the Senate Leader, Opeyemi Bamidele (Ekiti Central), who presented the bill seeking authorisation for the release of ₦58.47 trillion from the Consolidated Revenue Fund to finance government operations for the year ending December 31, 2026.
Opening the debate, Bamidele described the appropriation bill as the statutory tool for implementing the policy priorities outlined by President Tinubu in his 2026 Budget Address, stressing its importance to governance and economic planning.
He explained that the bill was deemed to have scaled first reading, having been formally laid before a joint sitting of the National Assembly on Friday, December 19, 2025.
Bamidele characterised the 2026 spending plan as a budget focused on consolidation, noting that it builds on economic and fiscal reforms already introduced by the administration to stabilise the economy and improve public finance management.
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“The economy is undergoing adjustment after wide-ranging reforms aimed at correcting structural weaknesses and restoring stability. The 2026 budget is therefore not experimental but one of consolidation,” he said.
Under the proposal, total expenditure of ₦58.472 trillion includes ₦4.097 trillion for statutory transfers, ₦15.909 trillion for debt servicing, ₦15.252 trillion for recurrent expenditure excluding debt, and ₦23.214 trillion earmarked for capital projects through the development fund.
According to Bamidele, the budget structure reflects clear priorities, with capital expenditure accounting for the largest share of discretionary spending.
He said the ₦23.214 trillion capital allocation would be channelled into key sectors such as transportation, power and energy, agriculture, industrial growth, housing, and the digital economy, all aimed at boosting productivity and long-term growth.
Bamidele added that the provision for recurrent spending was designed to sustain effective government operations and service delivery, while assuring senators that tighter cost controls and improved payroll systems would be enforced to prevent waste and fiscal leakages.
