The Senate on Monday expressed concern over the Federal Government’s multiple budget implementations within the 2025 fiscal year.
Senators from the Committee on Finance raised the concern at an interactive session with the federal government economic management team on the 2026-2028 Medium Term Expenditure Framework ( MTEF)and Fiscal Strategy Paper ( FSP) .
Sen. Danjuma Goje, in his remarks, said that the practice of implementing multiple budgets in a single year was unacceptable to Nigerians.
” This ugly situation we found ourselves on multiple budget implementations should please end by this year. It is not acceptable. Things must be normalised from next year “, he said .
Sen. Oyewumi Olalere stressed the need for government to present realisable proposal to avoid non-budget implementation, resulting in multiple implementations in subsequent years.
“Since budgetary proposals are not given to the government by the governed, government should please present realisable proposals to avoid non-implementations spilling into subsequent years.
Senators Victor Umeh and Ireti Kingibe, in their remarks, wondered why the federal government did not fill the missing gaps in revenue targets, with borrowings approved for it by the National Assembly.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, had in his explanations on projections for 2026 budget and implementation of 2024 and 2025 budgets, said revenues for 2024 budget had been met.
Edun, however, noted that revenue projection for of 2025 had yet to be realised. “Funding for the capital components of the 2024 budget have been met through realisation of the total projection of N26 trillion revenue but that of 2025 have not been met.
“Out of the projected N40 trillion revenue for the 2025 fiscal year , only N10 trillion have been realised, leaving a shortfall of N30 trillion, consequently making the federal government to roll over 70 per cent of capital projects captured in the 2025 fiscal year to 2026,” he said.
Chairman of the committee, Sen. Sani Musa, assured the lawmakers and Nigerians that the required normalcy in budget projections and implementation would be attained in 2026.
He said that a three-man ad hoc committee would be set up by the committee to liaise with the minister and the Accountant-General of the Federation on payment of local contractors for the projects executed in 2024 before expiration of the budget on Dec. 31.
Musa urged the Chairman of Federal Inland Revenue Services (FIRS), Dr Zacch Adedeji, to work towards realising the N35 trillion targetted revenue for the 2026 fiscal year as against the earlier projection of N31 trillion.
Adedeji had, in his speech, said that FIRS realised N20.2 trillion revenue in 2024 and N25.2 trillion in 2025.
He, however, said that the enormous revenue realised by FIRS and other agencies like Nigerian Customs Service (NCS) was utilised for the shortfall in revenue in previous budget implementations.
The Minister of Budget and Economic Planning, Sen. Atiku Bagudu and Minister of State for Petroleum, Sen. Heineken Lokpobiri, in their respective submissions, defended the parameters set for the 2026-2028 MTEF and FSP.
The parameters, according to them, are: 1.84 million barrels of oil production per day, 64.85 dollars oil price benchmark and N1,512.00 to one dollar as exchange rate, among others. Cordros Marks GTCO Top Pick, Cites Superior Earnings Quality