January 30, 2026 — The Nigerian Senate has officially set Tuesday, March 17, 2026, as the target date for the final consideration and passage of the ₦58.472 trillion 2026 Appropriation Bill.
The timeline was unveiled on Friday by the Senate Committee on Appropriations during a special session in Abuja. The Chairman of the Committee, Senator Solomon Olamilekan Adeola, emphasized that while the Senate leadership originally pushed for a March 12 deadline, an additional week was granted to ensure “meticulous scrutiny” of the fiscal document.
Key Timelines for the 2026 Budget
To meet the March 17 deadline, the Committee has adopted an accelerated review schedule:
February 2 – 13: Intensive budget defense sessions with Ministries, Departments, and Agencies (MDAs).
February 9: A national public hearing to gather stakeholder input. Professor Wasiu Adeoye, an economist from the University of Lagos, is expected to deliver a technical presentation on the budget’s macroeconomic assumptions.
February 16 – 23: Submission of reports from various standing committees to the Appropriations Committee.
March 5: A high-level interactive session with key economic managers, including Finance Minister Wale Edun and Budget Minister Atiku Bagudu.
March 17: Presentation of the final consolidated report and subsequent passage by the Senate.
Economic Outlook & Budget Pillars
The 2026 proposal, titled the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” was first presented by President Bola Tinubu on December 19, 2025.
The ₦58.47 trillion package is built on several critical benchmarks:
Oil Price Benchmark: $64.85 per barrel.
Exchange Rate: ₦1,400 to the US Dollar.
Oil Production: 1.84 million barrels per day.
Target Revenue: ₦34.33 trillion.
Sectoral Allocations: Defense and Security received the highest priority with ₦5.41 trillion, followed by Infrastructure (₦3.56 trillion) and Education (₦3.52 trillion). Health was allocated ₦2.48 trillion.
“This structured timeline is designed to guarantee a thorough but swift consideration process,” Senator Adeola stated. “We have already distributed hard copies of the budget to all standing committees to facilitate immediate and detailed examination.”
The adoption of the timetable followed a motion moved by Senator Adamu Aliero (Kebbi Central) and seconded by Senator Orji Uzor Kalu (Abia North). The move signals the 10th Assembly’s commitment to maintaining a predictable January-to-December fiscal cycle, despite the slightly delayed start for the 2026 calendar.
