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The Senate of the Federal Republic of Nigeria today began deliberations on the 2026 Appropriation Bill, valued at ₦58.47 trillion, following its presentation by President Bola Ahmed Tinubu to a joint session of the National Assembly on December 19, 2025.
The budget, themed "Consolidation, Resilience, and Shared Prosperity," aims to build on ongoing economic reforms while addressing key challenges in security, infrastructure, and human development.
During the plenary session presided over by Senate President Godswill Akpabio, lawmakers debated the general principles of the bill, which subsequently passed its second reading.
Senate Leader Opeyemi Bamidele highlighted the budget's focus on macroeconomic stabilization and sustainable growth, noting that it reflects the administration's commitment to fiscal discipline and inclusive development.
₦58.47 trillion, with ₦15.52 trillion allocated for debt servicing. ₦34.33 trillion, emphasizing improved revenue mobilization through digitization and efficiency measures to seal leakages and enhance compliance.
Significant allocations for defense and security, including support for massive recruitment into the military and police forces, infrastructure development, and human capital initiatives in agriculture, education, and health.
The budget also introduces procurement reforms and a "Nigerian First" policy to boost local industry.Based on a revised exchange rate of ₦1,400 to the US dollar, with Nigeria's external reserves reaching a seven-year high of $47 billion.
In his remarks, Senate President Akpabio described the budget as a "defining national conversation about our priorities as a people" and emphasized the need for collaboration between the executive and legislative branches to ensure effective implementation. He sympathized with victims of insecurity and reaffirmed the government's resolve to combat such challenges.
President Tinubu, in his presentation speech, assured Nigerians of stricter budget execution, stating, "Our 2026 budget is anchored on realism, prudence, and growth. We will spend with purpose, manage debt with discipline, and pursue broad based, sustainable growth." He also pledged an end to multiple budgets, aiming for a single revenue cycle by April 2026.
The bill has been referred to the Senate Committee on Appropriations for further scrutiny, with public hearings and detailed reviews expected in the coming weeks. The Senate remains committed to a thorough legislative process to ensure the budget aligns with the aspirations of all Nigerians.