Senate Assures Timely Passage and Implementation of 2026 Budget

 Senate Assures Timely Passage and Implementation of 2026 Budget


The Nigerian Senate has reaffirmed its commitment to working closely with the executive arm to ensure the timely passage and effective implementation of the 2026 Appropriation Bill.

Senate President Godswill Akpabio, represented by Deputy Senate President Barau Jibrin, gave the assurance during the public hearing and interactive session on the 2026 Appropriation Bill organized by the Senate Committee on Appropriations at the National Assembly, Abuja, on Monday.

Commitment to oversight and accountability

Akpabio emphasized that the legislature remains dedicated to its constitutional responsibilities of oversight, accountability, and legislative support aimed at stabilizing the economy and improving citizens’ welfare.

“The Senate remains fully committed to its constitutional responsibility of oversight, accountability, and legislative support for policies that stabilize the economy, unlock productivity, and improve the security and welfare of our people. We will continue to work with the executive and all stakeholders to ensure that the 2026 budget is not only passed on time, but implemented with fidelity and measurable results,” he said.

Highlighting the importance of budget hearings, Akpabio described them as critical democratic processes rather than routine legislative exercises. He noted that Nigeria faces inflationary pressures, infrastructure deficits, unemployment, and security challenges directly affecting citizens’ daily lives.

“Budget hearings are moments of national self-examination. They are occasions when a nation asks: Where are we? Where are we going? And are our resources aligned with our aspirations?” Akpabio added.

From Budget to Impact

The Senate President stressed that adversity should be a call to resilience, citing economist John Maynard Keynes on the need to rethink traditional fiscal approaches. “Our task is not simply to spend more, but to spend better; not merely to allocate funds, but to convert budgets into outcomes and appropriations into impact,” he said.

Akpabio commended the Committee on Appropriations for opening the budget process to public scrutiny, describing citizen engagement as essential to democratic governance.

Committee on Appropriations: Focus on reform and measurable results

Chairman of the Senate Committee on Appropriations, Solomon Adeola, described the 2026 budget as a blueprint for “Consolidation, Renewed Resilience, and Shared Prosperity.” He highlighted the necessity of the economic reforms introduced by President Bola Tinubu, noting improvements in inflation, foreign reserves, and infrastructure delivery.

Key macroeconomic assumptions for the 2026 budget include an inflation rate of 16.5%, an exchange rate of N1,400 per dollar, crude oil production of 1.84 million barrels per day, and a benchmark oil price of $64.85 per barrel. Total revenue is projected at N33.19tn, with total expenditure of N58.47tn, leaving a deficit of N25.27tn.

Adeola emphasized sectoral priorities: N5.41tn for defense and security, N3.56tn for infrastructure, N3.52tn for education, and N2.48tn for health. The committee also stressed the importance of Ministries, Departments, and Agencies (MDAs) defending their budget proposals, warning that non-compliant allocations may be reallocated to priority projects.

Supporting Nigerian businesses

The 2026 budget integrates the Nigeria First Policy, prioritizing Nigerian-owned businesses and SMEs in public procurement, contract awards, and government-funded projects. Adeola affirmed that the committee will rigorously monitor the budget to ensure transparency, accountability, and measurable impact.

Looking ahead

President Tinubu presented the N58.18tn 2026 budget on December 19, 2025, describing the economy as moving “from the dark tunnel of hopelessness, from survival to growth,” citing a 3.98% Q3 2025 growth rate, moderated inflation, and seven-year-high external reserves of approximately $47bn.

The Senate’s engagement underscores its commitment to ensuring that budget allocations translate into tangible benefits for Nigerians, from improved security and infrastructure to enhanced livelihoods and economic stability.

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