The Senate has passed to third reading a bill seeking to repeal and re-enact the 2024/2025 budgetary provisions and to authorise the issuance of a total sum of ₦43.581 trillion from the Consolidated Revenue Fund of the Federation.
The rollover budget for the 2024 and 2025 fiscal years is expected to run until March 2026, in line with President Bola Ahmed Tinubu’s commitment during the presentation of the 2026 budget to a joint session of the National Assembly.
Speaking at the end of plenary, Senate President Godswill Akpabio said the move was aimed at ending the practice of running two budgets within a single year, describing it as a new transformational strategy for budget implementation in Nigeria.
Similarly, the Senate also passed the 2026 budget estimates presented by President Bola Ahmed Tinubu last Friday for second reading.
It authorises the issuance of a total sum of ₦58.472 trillion from the Consolidated Revenue Fund of the Federation for the services of the Federation for the year ending 31st December, 2026.
Presenting the bill before the Senate plenary, the Senate Leader, Senator Michael Bamidele, said the bill is the legal instrument through which the policy direction outlined by the President in his 2026 Budget Address is translated into enforceable public expenditure.
Leading the debate, Senator Bamidele explained that the aggregate expenditure of ₦58.472 trillion is proposed for the services of the Federation.
He further noted that the proposed ₦23.214 trillion for capital expenditure forms the backbone of the 2026 budget.
” It targets sectors critical to economic expansion, including transport infrastructure, power and energy, agriculture, industrial development, housing, and the digital economy.”
Briefing newsmen shortly after the sitting, the Chairman of the Senate Committee on Appropriation, Senator Adeola Olamilekan, explained the rationale behind the repeal and re-enactment of the 2024 and 2025 budgets and their rollover into the 2026 budget proposal, which is scheduled to run until March 2026.
He said challenges encountered in the implementation of the two budgets were largely due to revenue constraints. According to him, the decision to roll over about 70 per cent of the 2025 capital component into the 2026 budget was to ensure that ongoing projects are not abandoned.
Many senators, however, supported the initiative and commended President Bola Ahmed Tinubu for prioritising security, as highlighted by former Senate President Ahmad Lawan.
According to Lawan, defence affairs received the lion’s share of the budget, reflecting the administration’s determination to secure the country, protect citizens, and adequately equip the Armed Forces and other security agencies.
He added that while security agencies may require even more resources, the current allocation represents a significant shift within the limits of available funds.
The Senate subsequently passed the bill for second reading and adjourned plenary until January next year.
Cov/ Bashir M
