2026 budget passes second reading at Senate

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The 2026 proposed budget has passed second reading at the Senate.

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The senators voted to pass the budget after debating its general principles during plenary on Tuesday.

The appropriation bill seeks to authorise the issuance of the Consolidated Revenue Fund of the Federation of N58.4 trillion (₦58,472,628,944,759) for the 2026 fiscal year.

President Bola Tinubu presented the N58.4 trillion budget to a joint session of the National Assembly last Friday.

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The budget is christened ‘Budget of Consolidation, Renewed Resilience and Shared Prosperity’. It was read for the first time on the same day.

Based on the parameters and fiscal assumptions, total revenue is projected at ₦34.33 trillion, while total expenditure stands at ₦58.18 trillion, including ₦15.52 trillion for debt servicing.

Recurrent (non-debt) expenditure is estimated at ₦15.25 trillion, with capital expenditure at ₦26.08 trillion. The budget deficit is pegged at ₦23.85 trillion, representing 4.28 per cent of GDP.

In the proposal, defence and security are projected to have ₦5.41 trillion, Infrastructure was pegged at ₦3.56 trillion, education has ₦3.52 trillion and health got ₦2.48 trillion.

The debate

Leading the debate on the bill’s general principles, the Senate Leader, Opeyemi Bamidele (APC Ekiti Central), said the proposal reflects President Tinubu’s commitment to restoring economic stability, correcting distortions, and strengthening public finance.

Mr Bamidele explained that the budget is anchored on four pillars which are; consolidating macroeconomic stability; improving the business and investment environment; promoting job-rich growth and poverty reduction; and strengthening human capital while protecting vulnerable citizens.

He said the budget proposal emphasises purposeful spending, disciplined debt management, and pursue growth that is broad-based and sustainable.

Sectoral priorities

Mr Bamidele said the sectoral composition of the budget addresses Nigeria’s most pressing challenges, particularly insecurity.

“The sectoral priorities of this budget speak directly to Nigeria’s pressing needs. Security receives primacy, rightly so, because without peace and safety, no economy can thrive. The President’s articulation of a restructured national security architecture and a firm stance against terrorism, banditry, kidnapping, and violent criminality underscores the seriousness of this commitment,” he said.

The senate leader also highlighted proposed investments in education, healthcare, infrastructure, agriculture, and productivity.

“Equally important are the substantial investments in education and healthcare, recognising that no nation can rise above the quality of its people. Support for student financing, healthcare expansion, and partnerships with international donors reinforces the human-capital focus of this budget. Investments in infrastructure, agriculture, and productivity further demonstrate an understanding that growth must be anchored on jobs, food security, and private-sector participation,” he added.

He urged senators to support the bill’s passage for second reading, noting that the proposals are realistic.

Lawmakers’ contributions

Former Senate President, Ahmed Lawan, called on the federal government to ensure full implementation of the budget once approved, to avoid the practice of operating multiple budgets within a single fiscal year.

Diket Plang (Plateau Central) said the budget prioritises macroeconomic stability and infrastructure development, adding that effective implementation would boost productivity.

Aminu Abbas (Adamawa Central) described the proposal as the best budget presented so far in Nigeria’s democratic history, urging lawmakers to ensure it delivers tangible benefits to citizens.

Asuquo Ekpenyong (APC, Cross River South) commended the administration for the substantial allocation to security and infrastructure and stressed the need for full implementation.

READ ALSO: Reps approve Tinubu’s request to extend 2025 capital budget to March 2026

Osita Izunaso (APC, Imo West) said the proposal signals an end to the operation of multiple budgets within a fiscal year.

Tahir Monguno (APC, Borno North) noted that effective implementation would deliver dividends of democracy across the country.

The Minority Leader, Abba Moro (PDP, Benue South), said that if properly implemented, the budget would place Nigeria on a positive economic trajectory.