The Nigerian Senate on Tuesday formally opened debate on the N58.47 trillion 2026 Appropriation Bill, marking the beginning of what is expected to be an intense legislative review of the country’s largest budget proposal to date.
Senate Leader Opeyemi Bamidele (Ekiti Central) led the discussion, outlining the core objectives of the bill and emphasizing its importance as the legal instrument that will guide federal spending throughout the 2026 fiscal year. The bill automatically passed first reading following President Bola Tinubu’s presentation to a joint session of the National Assembly on 19 December 2025.
Bamidele described the budget as a critical tool for governance, noting that it translates the President’s policy direction into actionable spending priorities across ministries, departments, and agencies. He stressed that the bill reflects the administration’s commitment to stabilizing the economy and accelerating growth.
Providing a macroeconomic overview, the Senate Leader explained that the 2026 budget was crafted against the backdrop of ongoing reforms aimed at correcting structural imbalances, improving revenue generation, and strengthening public financial management. These reforms include subsidy removal, exchange rate unification, and efforts to expand the tax base.
According to Bamidele, the proposal is designed as a “budget of consolidation”, building on reforms already implemented in 2024 and 2025. He noted that the government aims to stabilize inflation, boost investor confidence, and channel resources into sectors capable of driving long-term economic expansion.
He highlighted key assumptions underpinning the budget, including projected oil production levels, benchmark crude prices, exchange rate expectations, and anticipated non-oil revenue performance. These assumptions, he said, were developed in consultation with economic experts and reflect current global and domestic realities.
The Senate Leader also underscored the administration’s focus on infrastructure development, security enhancement, social investment, and job creation. He argued that targeted public spending in these areas would help stimulate economic activity and reduce poverty.
Lawmakers are expected to scrutinize sectoral allocations, revenue projections, and the government’s borrowing plans. With Nigeria’s public debt already a subject of national debate, analysts anticipate that the Senate will closely examine the sustainability of the proposed deficit financing.
Debate on the bill is expected to continue over the coming days, after which the bill will be referred to the Appropriations Committee for detailed consideration. The committee will then engage ministries and agencies before presenting a harmonized report for final passage.
As the legislative process unfolds, Nigerians will be watching closely to see how the National Assembly balances fiscal discipline with the urgent needs of a population facing rising living costs and economic uncertainty.
