The Nigerian Senate on Tuesday officially raised the proposed 2026 fiscal year budget to ₦58.47 trillion, adding approximately ₦292 billion to President Bola Ahmed Tinubu's initial estimate of ₦58.18 trillion. This revised figure, which aligns with the amount previously approved by the Federal Executive Council (FEC) during the budget's preparatory stage, was subsequently passed for a second reading by the legislative body.

Senator Adeola Olamilekan, Chairman of the Senate Committee on Appropriations, clarified the discrepancy. He explained that the difference stemmed from minor miscalculations found in the President's presentation speech and supporting documents, emphasizing that the appropriation bill itself serves as the authoritative document for legislative consideration. "The official budget figure for deliberation is the one contained in the appropriation bill," Adeola stated, confirming that the official size of the 2026 federal budget stands at ₦58.472 trillion. He urged that this variation should not divert attention from the core substance of the spending plan, as the National Assembly intends to verify and finalize the true budget size during deliberations.

The Senate, giving the budget accelerated consideration, lauded the proposal as one of the best fiscal frameworks Nigeria has seen in recent years. Senators highlighted its robust capital component and its strategic focus on national security and economic consolidation. Senate Leader, Opeyemi Bamidele (Ekiti Central), who led the debate, underscored that the proposed Appropriation Act aims to authorize withdrawals from the Consolidated Revenue Fund to finance government activities throughout 2026. He referred to the 2026 budget as a "budget of consolidation," designed to stabilize the economy and reinforce ongoing reforms.

The expenditure framework, as outlined, comprises ₦4.097 trillion for statutory transfers, ₦15.909 trillion for debt servicing, ₦15.252 trillion for recurrent (non-debt) expenditure, and a significant ₦23.214 trillion allocated for capital expenditure through contributions to the Development Fund. Bamidele noted that the substantial capital allocation reflects the administration's commitment to growth, productivity, and infrastructure development. Priority sectors include transport infrastructure, power and energy, agriculture, industrial development, housing, and the digital economy, all geared towards stimulating private investment, creating jobs, and enhancing food and energy security.

Regarding recurrent spending, the ₦15.252 trillion provision is designated to ensure efficient government operations and service delivery. President Tinubu has committed to stringent cost controls, improved payroll management, and other efficiency measures to curb waste. While acknowledging the considerable ₦15.909 trillion earmarked for debt service, Bamidele affirmed the Federal Government's efforts to improve revenue mobilization, expand the tax base, and enhance the performance of government-owned enterprises to reduce future borrowing. The ₦4.097 trillion for statutory transfers fulfills constitutional obligations to key institutions, crucial for democratic stability.

The projected budget deficit, estimated at approximately 4.28 percent of GDP, remains within the medium-term fiscal parameters previously approved by the National Assembly. Expected revenues for 2026 are projected at ₦34.33 trillion. The budget's underlying philosophy is anchored on consolidating macroeconomic stability, improving the business environment, fostering job-rich growth and poverty reduction, and strengthening human capital while protecting vulnerable populations. Security, education, and healthcare feature prominently among the priorities, alongside infrastructure and agriculture.

Several senators contributed to the debate, uniformly praising the strong emphasis on critical sectors. Senator Mohammed Sani Musa (Niger East) stressed the importance of the debt servicing provision for economic confidence and international credibility. Former Senate President Ahmed Lawan (Yobe North) described the budget as "historic and courageous," noting that defense received the largest share, reflecting the administration's commitment to national security. He cautioned against political activities in the lead-up to 2026 disrupting budget implementation, especially in the crucial first quarter. Other lawmakers highlighted that capital expenditure now accounts for nearly 40 percent of the total budget, an unprecedented development, and underscored the necessity for strong legislative oversight to prevent implementation gaps.

At the conclusion of the debate, the Senate resolved to pass the Appropriation Bill for its second reading and committed it to the Committee on Appropriations for detailed scrutiny. Legislators stressed that the true impact of the 2026 budget on Nigerians would ultimately be determined by effective implementation rather than ambitious figures alone.