On Tuesday, the Senate approved the 2026 appropriation bill, pegged at ₦58.472 trillion, for second reading.
The approval followed a lead debate presented by the Senate Leader, Opeyemi Bamidele (APC, Ekiti Central), during plenary.
The 2026 Budget carries the theme: “Budget of Consolidation, Renewed Resilience and Shared Prosperity.”
When presenting the bill to the National Assembly last Friday, President Bola Tinubu emphasized that the budget reflects his administration’s commitment to macroeconomic stability, enhanced competitiveness, and inclusive growth that delivers decent jobs, higher incomes, and improved living standards nationwide.
He highlighted the progress achieved under his administration: “I am encouraged that our reform efforts are already showing results. Our economy grew by 3.98% in Q3 2025, up from 3.86% in Q3 2024.
“Inflation has been on a steady decline for eight consecutive months, dropping to 14.45% in November 2025 from 24.23% in March 2025. With stable food and energy prices, tighter monetary policies, and improving supply responses, we expect this downward trend in inflation to continue through 2026, barring major supply shocks.
“Distinguished Members, the implementation of our 2025 budget faced transitional challenges and competing execution priorities. As of Q3 2025, total revenue reached ₦18.6 trillion—61% of the target—while expenditure stood at ₦24.66 trillion, or 60% of the projected amount.
“Following the extension of the 2024 capital budget into December 2025, ₦2.23 trillion had been released by June 2025 for the completion of 2024 capital projects.
“Despite ongoing fiscal pressures, the government met key obligations. However, only ₦3.10 trillion, representing roughly 17.7% of the 2025 capital budget, had been released by Q3, reflecting the focus on completing priority 2024 projects during the transition.
“Let me be clear: 2026 will be a year of stricter discipline in budget execution. I have directed 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 executed exactly as appropriated, following timelines and allocations.
“We anticipate stronger revenue performance through the implementation of the new National Tax Acts and ongoing reforms in the oil and gas sector—measures designed not only to boost revenue but also to enhance transparency, efficiency, fairness, and long-term value in Nigeria’s fiscal framework,” President Tinubu said.
