The Senate on Tuesday commenced formal deliberations on the 2026 Appropriation Bill, a fiscal proposal seeking approval for a record federal expenditure of ₦58.47 trillion for the upcoming financial year.
Leading the debate, Senate Leader Senator Opeyemi Bamidele presented the general principles of the bill, describing it as a critical instrument to translate President Bola Tinubu’s fiscal and policy objectives into actionable public spending.
He explained that the budget is framed within ongoing economic reforms aimed at stabilising the economy, correcting structural imbalances, and strengthening public finance management.
Breakdown of the ₦58.47 Trillion Budget
The proposed expenditure is allocated as follows:
· Capital Projects (Development Fund): ₦23.21 trillion
· Recurrent (Non-Debt) Expenditure: ₦15.25 trillion
· Debt Servicing: ₦15.91 trillion
· Statutory Transfers: ₦4.09 trillion
Senator Bamidele emphasized that capital expenditure represents the largest share, reflecting the administration’s focus on infrastructure development in key sectors like transport, power, agriculture, and the digital economy to stimulate growth, job creation, and improved security.
While acknowledging the significant debt service component, he assured that efforts are underway to boost revenue and reduce borrowing dependency. The projected budget deficit of about 4.28% of GDP falls within the approved medium-term fiscal framework.
The Senate Leader urged his colleagues to scrutinise the bill with responsibility and transparency before its passage to second reading and subsequent referral to the Appropriations Committee for detailed work.
—
Disclaimer:
This report is based on proceedings in the Nigerian Senate. The budget figures are proposals pending legislative approval and presidential assent. CDA News Nigeria is an independent digital news platform.
© 2025 CDA News Nigeria. All rights reserved.
