The Senate, on Monday expressed strong resentment to the multiple budget implementations in a fiscal year by the federal government, as experienced in 2025, berating the executive for the gaps in the preparation and execution of the document.
The lawmakers could not understand the reason for the excuses being offered by the government over the absence of wholesome implementation of a document it prepared exclusively, saying the situation unacceptable to Nigerians.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, had told members of the Senate Committee on Finance at an interactive meeting with leading managers of the nation’s economy on the 2026-2028 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper (FSP) that while revenues for 2024 budget had been met, that of 2025 had not been met and would therefore be fused into the 2026 edition.
This, obviously did not sit well with the Senators, with Sani Musa, Senator representing Niger East on the platform of the All Progressives Congress (APC) and Chairman of the committee, stating that the executive must endeavour to present realisable proposals to avoid the ugly development.
Briefing the committee on the development, Edun said: “Funding for the capital components of the 2024 budget have been met through realisation of the total projection of N26trillion revenue but that of 2025 have not been met.
“Out of projected N40trillion revenue for 2025 fiscal year, only N10trillion has been realised, leaving a shortfall of N30trillion and consequently making the federal government roll over 70% of capital projects captured in 2025 fiscal year to 2026.”
Senators, however, railed against the development, maintaining that a government that prepared a budget, should not be the one making such excuses on its implementation, neither should it be excused for doing a shoddy job of haphazard execution.
Danjuma Goje, Gombe Central, while expressing dissatisfaction said: “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.”
Echoing the same sentiment, Olalere Oyewumi, Osun West, told the minister that since budgetary proposals were not given to the government by the governed, it should present realisable proposals to avoid non-implementations which usually dovetailed into multiple implementations in subsequent years.
Victor Umeh, Anambra Central on the and Ireti Kingibe, Federal Capital Territory (FCT), both on the platform of the Labour Party (LP), wondered why the federal government did not fill the missing gaps in revenue targets, with borrowings approved for it from time to time by the Senate and by extension, the National Assembly.
Musa, however, came to the rescue of the minister, assuring his colleagues and by extension, Nigerians, that the required normalisation in budget projections and implementation shall be done from 2026.
He said a three-man ad hoc committee shall be set up by the committee to liaise with the minister and the accountant-general of the federation on payment of local contractors for projects executed in 2024 before expiration of the budget on 31st of this month.
Musa, particularly tasked Zacch Adedeji, Chairman of the Federal Inland Revenue Services (FIRS), to work towards realising N35trillion as target revenue for 2026 fiscal year and not the earlier projected N31trillion he mentioned.
Adedeji, while reaffirming that the body would do its best, explained that under him, FIRS realised N20.2trillion revenue in 2024 and N25.2trillion in 2025, but regretted that the huge revenue being realised including those coming from other agencies, such as Customs, were being swallowed and made insufficient by multiple budget implementations in a fiscal year.
Atiku Bagudu, Minister of Budget and Economic Planning, and Heineken Lokpobiri Minister of State (Petroleum), defended the parameters set for the N54. 4trillion 2026 budget, saying it stood on 1.84million oil production per day; $64.85 oil price benchmark; and N1, 512.00 to 1USD as exchange rate, among others.
President Bola Tinubu had last Thursday, transmitted the 2026-2028 Medium Term Expenditure Framework and Fiscal Strategy Paper to the Senate for consideration and subsequent approval.
The letter was read by the Deputy President of the Senate, Senator Barau Jibrin, APC, Kano North, read: “It is with pleasure that I forward the 2026 to 2028 Medium-Time Expenditure Framework and Fiscal Strategy Paper, MTEF, and FSP for the kind consideration and approval of the Senate.
“The 2026 to 2028 MTEF and FSP was approved during the Federal Executive Council meeting of December 3, 2025, as the 2026 budget of the Federal Government will be prepared, based on parameters.