The Senate has given its approval for the Appropriation Bill totaling N68.3 trillion for the fiscal year 2026.
This approval came after the Senate Committee on Appropriations presented its report during Tuesday's plenary session for consideration.
The report was introduced by the Chairman of the committee, Senator Olamilekan Adeola from the All Progressives Congress (APC) representing Ogun State.
Senator Adeola noted that President Bola Tinubu had previously submitted the 2026 Appropriations Bill to a combined sitting of the National Assembly on December 19, 2025.
"The 2026 budget, titled 'Budget of Consolidation, Renewed Resilience, and Shared Prosperity,' demonstrates the government's commitment to enhancing macroeconomic stability," he explained.
The committee recommends that the Senate approve a Bill for an Act that will allow for the withdrawal of N68 trillion from the Federal Consolidated Revenue Fund.
Adeola specified that out of the total, N4.7 trillion is allocated for statutory transfers, N15.8 trillion is for servicing debts, N15 trillion is earmarked for recurrent expenditures, and N32 trillion is designated for capital expenditure, with accompanying details provided.
He further emphasized the need to tackle bureaucratic obstacles that caused late fund releases in 2025.
"In 2026, the Senate must collaborate with the executive to ensure the comprehensive implementation of the appropriation plan,"
he urged. "Additionally, the Appropriation (Repeal and Enactment) Act, 2025 should be extended to June 30, 2026."
The senator highlighted that the capital expenditure reflects the Tinubu government's focus on infrastructure development, while the significant allocation for debt servicing underscores the ongoing burden of Nigeria's debt on public finances.
"Recurrent expenditures are substantial, catering to personnel and administrative expenses while statutory transfers will support essential organizations, including the judiciary and other constitutionally mandated bodies."
Moreover, the budget approval coincides with the Senate's review of extensive adjustments proposed by President Tinubu, aimed at fulfilling outstanding capital commitments and financing vital national projects.
A crucial aspect of these adjustments includes the incorporation of ₦5.71 trillion in legacy capital obligations from the 2025 budget cycle, in addition to ₦2 trillion set aside for priority initiatives across crucial sectors.
Senate President Godswill Akpabio lauded Adeola and the appropriations committee for their diligent efforts in preparing the bill, which has now reached its third passage.
"Your commitment and sacrifices throughout these months have not gone unnoticed, and your service to the nation is commendable. Our prayer is that God will grant President Bola Tinubu the necessary resources to fulfill this budget for our nation's welfare,"
Akpabio stated.
He congratulated all senators alongside members of the House of Representatives for their collaborative efforts in ensuring the successful passage of this bill.
"This cooperative endeavor has rendered the establishment of a conference committee unnecessary. Congratulations to all Nigerians,"
he concluded.
"With approved loans and an expected rise in revenue due to tax reforms, we believe this budget is feasible, advantageous, and capable of reviving hope within the nation. We anticipate that it will contribute to a productive and impactful first term for the administration," Akpabio commented.
Comments (0)
You must be logged in to comment.
Be the first to comment on this article!