The Nigerian Senate starts its review of the 2026 budget proposal. President Bola Tinubu presented this plan to lawmakers. It focuses on growth and stability.
Budget Presentation Sparks Discussion
President Tinubu unveiled the ₦58.47 trillion budget on December 19, 2025. He addressed a joint session of the National Assembly. Lawmakers approved the Medium Term Expenditure Framework earlier. This step set the stage for debates.
Tinubu highlighted economic progress. He noted 3.98 percent growth in the third quarter of 2025. Inflation eased for eight months. In addition, oil output improved too. These gains support the budget’s goals.
Key Allocations Drive Priorities
It provides for debt service of ₦15.52 trillion. Capital spending is provided with ₦26.08 trillion. The estimated revenue is at ₦34.33 trillion. The deficit is at ₦23.85 trillion, which is 4.28 percent of the GDP.
Moreover security tops the list with ₦5.41 trillion. This funding targets insecurity head on. Infrastructure, agriculture, education, and health also get boosts. The plan includes massive recruitment for military and police.
Additionally agriculture aims to cultivate one million hectares. This effort creates jobs and boosts exports. Procurement reforms promote a “Nigerian First” policy to support local industries.
Economic Foundations and Reforms
Officials revised the exchange rate to ₦1,400 per dollar. External reserves hit a seven-year high of $47 billion. Meanwhile these assumptions underpin the budget. Tinubu pledged stricter execution. He aims to end multiple budgets by April 2026. Digitization will seal revenue leakages. Performance evaluations will ensure accountability.
However lawmakers stress impact over numbers. Senator Natasha Akpoti-Uduaghan calls for tangible benefits for citizens. She advocates prudent management.
Senate Debate Unfolds
The Senate began deliberations on December 23, 2025. Senate Leader Opeyemi Bamidele led the discussion. The bill passed second reading. Committees will now scrutinize details. Furthermore senate President Godswill Akpabio presided. He emphasized collaboration. Public hearings follow soon.
Path to Approval and Implementation
Lawmakers promise a careful review. They seek a national need alignment of the budget. In conclusion, this budget is all about resilience. Its success could usher in shared prosperity for Nigerians. The nation holds its breath as deliberations continue.
