The senate committee on finance has faulted the implementation of multiple budgets in a single fiscal year, citing the federal government’s experience in 2025.
The concerns were raised on Monday during an interactive session between members of the finance committee and key economic managers on the 2026–2028 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP).
Sani Musa, senator representing Niger east and chairman of the committee, presided over the session.
Wale Edun, minister of finance and coordinating minister of the economy, told the committee that while revenue targets for the 2024 budget were met, projections for the 2025 fiscal year fell short.
Edun said funding for the capital component of the 2024 budget was achieved through the realisation of the projected revenue of N26 trillion.
He added that only N10 trillion had been realised out of the N40 trillion revenue projected for 2025, resulting in a shortfall of N30 trillion.
“Out of the projected N40 trillion revenue for the 2025 fiscal year, only N10 trillion has been realised, leaving a shortfall of N30 trillion and consequently making the federal government roll over about 70 percent of capital projects captured in the 2025 fiscal year to 2026,” the minister said.Danjuma Goje, senator representing Gombe central, said the practice of implementing multiple budgets in a single year is unacceptable to Nigerians.
“This ugly situation we found ourselves in on multiple budget implementations should please end by this year; it is not acceptable, and things must be normalised from next year,” Goje said.
Olalere Oyewumi, senator representing Osun west, urged the federal government to present realistic budget proposals to avoid rollovers and non-implementation.
Victor Umeh, senator representing Anambra central, and Ireti Kingibe, senator representing the Federal Capital Territory (FCT), questioned why revenue gaps were not covered through borrowings earlier approved by the national assembly.
The committee chairman assured lawmakers that budget projections and implementation would be normalised from 2026.
He said a three-member ad hoc committee would be constituted to liaise with the minister of finance and the accountant-general of the federation on the payment of local contractors for projects executed in 2024 before the budget expires on December 31.
Musa also tasked Zacch Adedeji, chairman of FIRS, to work towards realising N35 trillion as revenue for the 2026 fiscal year.
Adedeji told the committee that the agency generated N20.2 trillion in 2024 and N25.2 trillion in 2025.
He added that revenues realised by FIRS and agencies such as the Nigeria Customs Service (NSC) are being overstretched by multiple budget implementations in a single fiscal year.
Heineken Lokpobiri, minister of state for petroleum resources, defended the parameters proposed for the N54.4 trillion 2026 budget.
The minister said the assumptions include oil production of 1.84 million barrels per day, a benchmark oil price of $64.85 per barrel and an exchange rate of N1,512 to the dollar.
The lawmakers consequently asked the FIRS to raise its projected revenue target for 2026 to N35 trillion from N31 trillion.
