The Nigerian Senate has publicly defended the Federal Government’s decision to borrow funds to cover a huge budget gap in the 2026 Appropriation Bill. The move comes amid concerns that the country is struggling to raise enough revenue to meet its spending needs.
Senators say borrowing is necessary to fund critical government programmes. They also urge stricter fiscal discipline and better ways to grow revenue for the future.
Why the Senate Says Borrowing Is Needed
The 2026 budget proposes total spending of ₦58.47 trillion. However, the government expects to earn only ₦33.19 trillion, leaving a deficit of about ₦25.91 trillion. Because revenue is lower than planned, the Senate says borrowing is unavoidable to fund national priorities.
Senator Solomon Adeola, Chairman of the Senate Committee on Appropriations, told lawmakers that the deficit itself is not the real issue. Instead, he argued that how the government raises and uses the borrowed funds matters more.
He added that the government must also focus on:Expanding revenue sources, Managing public money better, Ending costly subsidies, Using assets to generate income.
Senate’s Broader Message on the Budget
Deputy Senate President Barau Jibrin, speaking for Senate President Godswill Akpabio, said the 2026 budget is a “moral test.” He urged that the budget deliver real results for Nigerians.
Other experts at the hearing also weighed in. The Accountant General and fiscal specialists urged lawmakers to focus on outcomes. They said the nation must measure success by its impact on people’s lives, not the size of the numbers on paper.
2026 Budget as a Moral
Senate President Godswill Akpabio, through Deputy Senate President Barau Jibrin, described the 2026 budget as a moral test. He urged ministries and agencies to ensure budget allocations deliver real benefits to Nigerians.
Furthermore, Accountant General Shamseldeen Olujimi and fiscal expert Dr. Olatilewa Adebajo called for result-driven budgeting. They also urged strict enforcement of the Fiscal Responsibility Act to stop revenue leakages.
Why This Budget Debate Matters Ultimately, the Senate says the success of the 2026 budget will depend on transparency, discipline, and impact. If managed well, lawmakers believe the budget can support growth and ease economic pressure on citizens.
