• Raises Tinubu’s Proposal to ₦58.47tr
• ₦292bn added as chamber passes fiscal document at second reading

Barely five days after President Bola Ahmed Tinubu presented a ₦58.18 trillion proposal for the 2026 fiscal year, the Senate on Tuesday raised the size of the budget to ₦58.47 trillion, adding about ₦292 billion to the executive estimate, and passed the Appropriation Bill for second reading.

The upward review aligns the budget with the figure earlier approved by the Federal Executive Council (FEC) during the preparatory stage of the 2026 estimates. While presenting the draft budget to a joint session of the National Assembly on Friday, President Tinubu had proposed a slightly lower sum of ₦58.18 trillion.

Explaining the discrepancy, Chairman of the Senate Committee on Appropriations, Senator Adeola Olamilekan, said the difference arose from minor miscalculations in the President’s presentation speech and supporting documents, stressing that the appropriation bill itself remains the authoritative document for legislative consideration.

“The official budget figure for deliberation is the one contained in the appropriation bill,” Adeola said. “While minor miscalculations may have occurred in the President’s speech or supporting documents, the National Assembly will consider the bill itself as the authoritative figure. Therefore, the official size of the 2026 federal budget stands at ₦58.472 trillion.”

He added that the variation should not distract lawmakers or the public from the substance of the spending plan, noting that once deliberations commence, the National Assembly would verify and finalise the true size of the budget.
“The difference in figures between the President’s initial presentation and the bill should not overshadow the fact that the appropriation bill is the authoritative document,” he said.

The Senate, which gave the budget accelerated consideration, described the proposal as one of the best fiscal frameworks the country has produced in recent years, citing its strong capital component and focus on security and economic consolidation.

Leading the debate, Senate Leader, Opeyemi Bamidele (Ekiti Central), said the proposed Appropriation Act seeks to authorise withdrawals from the Consolidated Revenue Fund of the Federation to fund government activities for the year ending December 31, 2026.

He recalled that the bill had already passed first reading, having been laid before a joint session of the National Assembly on December 19, 2025.

Bamidele described the 2026 budget as a “budget of consolidation,” designed to stabilise the economy and deepen ongoing reforms.

According to him, the expenditure framework comprises ₦4.097 trillion for statutory transfers, ₦15.909 trillion for debt servicing, ₦15.252 trillion for recurrent (non-debt) expenditure, and ₦23.214 trillion for capital expenditure through contributions to the Development Fund.

He said the size of the capital component reflects the administration’s focus on growth, productivity, and infrastructure development, with priority sectors including transport, power, agriculture, housing, industrial development, and the digital economy.

“The capital allocation is designed to stimulate private investment, create jobs, and strengthen food and energy security,” the Senate Leader told his colleagues.

On recurrent spending, Bamidele said the ₦15.252 trillion provision was intended to ensure efficient government operations and service delivery, adding that the President had committed to strict cost controls, improved payroll management, and efficiency measures to curb waste.

While acknowledging the heavy debt service allocation of ₦15.909 trillion, he said the Federal Government was pursuing improved revenue mobilisation, expansion of the tax base, and better performance by government-owned enterprises to reduce borrowing over time.

He noted that the ₦4.097 trillion earmarked for statutory transfers was in fulfilment of constitutional obligations to key institutions and critical to the stability of democratic governance.

Bamidele further disclosed that the projected budget deficit, estimated at about 4.28 per cent of GDP, remained within the medium-term fiscal parameters earlier approved by the National Assembly, adding that expected revenues for 2026 stood at ₦34.33 trillion.

In their contributions, several senators praised the strong emphasis on security, education, healthcare, infrastructure, and agriculture, stressing that peace and safety were indispensable to sustainable economic growth.
Senator Mohammed Sani Musa (Niger East) described the ₦15.9 trillion provision for debt servicing as critical to sustaining economic confidence and preserving Nigeria’s credibility with international development partners, warning that failure to meet debt obligations could destabilise the economy.

Former Senate President, Ahmed Lawan (Yobe North), described the budget as “historic and courageous,” noting that defence received the largest share, reflecting the administration’s commitment to safeguarding lives and property.

He, however, cautioned that political activities ahead of 2026 must not disrupt budget implementation, especially in the crucial first quarter of the year.

Other lawmakers underscored that capital expenditure now accounts for nearly 40 per cent of the total budget—an unprecedented development in Nigeria’s fiscal history—and stressed the need for strong legislative oversight to avoid the implementation gaps that have undermined previous budgets.

At the close of debate, the Senate resolved to pass the bill for second reading and commit it to the Committee on Appropriations for detailed scrutiny, insisting that effective implementation—rather than ambitious figures—would ultimately determine whether Nigerians feel the impact of the 2026 budget.