Senate Considers N58.472trn As 2026 Budget

The Senate on Tuesday passed the 2026 appropriation bill to the tune of N58.472 trillion for second reading.

The approval followed the lead debate presented during plenary by the Senate Leader, Opeyemi Bamidele (APC, Ekiti Central).

The 2026 Budget is themed: “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.

While presenting the appropriation bill to the National Assembly last Friday, the President said the budget reflects his administration’s determination to lock in macroeconomic stability, deepen competitiveness, and ensure that growth translates into decent jobs, rising incomes, and a better quality of life across our Federation.

“I am encouraged that our reform efforts are already yielding measurable results: Our economy grew by 3.98% in Q3 2025, higher than the 3.86% recorded in Q3 2024.

“Inflation has moderated for eight consecutive months, with headline inflation declining to 14.45% in November 2025, from 24.23% in March 2025. With stabilising food and energy prices, tighter monetary conditions, and improving supply responses, we expect the disinflationary trend to persist—so that inflation continues to decline further over the 2026 horizon, barring major supply shocks.

“Distinguished Members, our 2025 budget implementation faced the realities of transition and competing execution demands. As at Q3 2025, we recorded: ₦18.6 trillion in revenue—representing 61% of our target; and ₦24.66 trillion in expenditure—representing 60% of our target.

“Following the extension of the 2024 capital budget execution to December 2025, a total of ₦2.23 trillion was released for the implementation of 2024 capital projects as at June 2025.

“While fiscal challenges persisted, government met its key obligations. However, only ₦3.10 trillion—about 17.7% of the 2025 capital budget—was released as at Q3, reflecting the emphasis on completing priority 2024 capital projects during the transition period.

“Let me be clear: 2026 will be a year of stronger discipline in budget execution. I have issued directives to the Honourable Minister of Finance and Coordinating Minister of the Economy, the Honourable Minister of Budget and Economic Planning, the Accountant‑General of the Federation, and the Director‑General of the Budget Office of the Federation to ensure that the 2026 Budget is implemented strictly in line with the appropriated details and timelines.

“We expect improved revenue performance through the new National Tax Acts and the ongoing reforms in the oil and gas sector—reforms designed not merely to raise revenue, but to drive transparency, efficiency, fairness, and long‑term value in our fiscal architecture,” President Tinubu had said.