The Nigerian Senate has strongly criticised the federal government’s practice of implementing multiple budgets within a single fiscal year, describing it as unacceptable and calling for a return to normalcy starting from 2026.
During an interactive session on Monday with key economic managers on the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), senators expressed frustration over revenue shortfalls leading to disruptive rollovers. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that while the 2024 revenue target of N26 trillion was met, only N10 trillion of the N40 trillion projected for 2025 had been realised, resulting in a staggering N30 trillion shortfall. This has necessitated rolling over 70 per cent of 2025 capital projects into 2026, severely disrupting national planning and implementation timelines.
Senators across party lines voiced their concerns. Danjuma Goje (APC, Gombe Central) labelled the situation “ugly and unacceptable”, insisting on strict adherence to the standard January-to-December budget cycle. Others, such as Olalere Oyewumi (Osun West), urged the executive to present only realistic proposals to prevent annual non-implementation. Victor Umeh (LP, Anambra Central) and Ireti Kingibe (FCT) questioned the underutilisation of approved borrowings meant to bridge fiscal gaps.
Committee Chairman Senator Sani Musa (APC, Niger East) assured that the budget cycle would be normalized from 2026. He directed the Federal Inland Revenue Service (FIRS) to raise its 2026 collection target from N31 trillion to N35 trillion to bolster revenues. FIRS Chairman Zacch Adedeji reported collections of N20.2 trillion in 2024 and N25.2 trillion in 2025 but noted that these gains are consistently eroded by the overlapping budget implementations.
Ministers Atiku Bagudu (Budget and Economic Planning) and Heineken Lokpobiri (State for Petroleum) defended the MTEF parameters underpinning the proposed N54.4 trillion 2026 budget. These include assumptions of 1.84 million barrels per day oil production, a $64.85 per barrel benchmark, and an exchange rate of N1,512 to $1. President Bola Tinubu had earlier transmitted the MTEF/FSP to the Senate, seeking expeditious approval.
