The Senate has strongly criticised the recurring practice of implementing multiple federal budgets within a single fiscal year, describing the trend witnessed in 2025 as unacceptable and burdensome to Nigerians.
Lawmakers insisted that the situation must be corrected and normalised from 2026, urging the Federal Government to present realistic and achievable budget proposals to prevent repeated rollovers caused by poor implementation.
Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), voiced the Senate’s displeasure during an interactive session with key economic managers over the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
As part of its resolutions, the Senate directed the Federal Inland Revenue Service (FIRS) to raise its projected revenue target for the 2026 fiscal year from N31 trillion to N35 trillion. This followed revelations by the Federal Government that it recorded a massive N30 trillion shortfall from the N40 trillion revenue target set for 2025.
The concerns were raised during the finance committee’s engagement with economic officials on budget projections and implementation challenges affecting the 2024 and 2025 fiscal years.
Explaining the revenue situation, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, told the committee that while revenue targets for the 2024 budget were fully met, the 2025 projections had fallen far short.
According to him, the Federal Government realised N26 trillion in revenue for 2024, which adequately funded the capital component of that year’s budget. However, out of the N40 trillion projected for 2025, only N10 trillion had been generated so far, leaving a deficit of N30 trillion.
Edun said the shortfall had forced the government to roll over about 70 per cent of capital projects captured in the 2025 budget into 2026.
His submission drew sharp reactions from several committee members, including Senators Danjuma Goje (APC, Gombe Central), Olalere Oyewumi (Osun West), Victor Umeh (LP, Anambra Central), Aminu Iya Abbas (Adamawa Central), and Ireti Kingibe (FCT), who all criticised the continued cycle of budget rollovers.
Senator Goje described the situation as unacceptable, stressing that Nigeria must put an end to multiple budget implementations within the same fiscal year.
“This ugly situation we have found ourselves in should end this year. It is not acceptable, and things must be normalised from next year,” he said.
Senator Oyewumi added that since budget proposals originate from the government and not the citizens, authorities must ensure that budgets are realistic and implementable to avoid repeated failures and rollovers.
Similarly, Senators Victor Umeh and Ireti Kingibe questioned why revenue gaps were not adequately filled through borrowings already approved by the Senate and the National Assembly.
In response, Senator Musa assured his colleagues and Nigerians that concrete steps would be taken to ensure proper budget normalisation from 2026. He announced that a three-man ad hoc committee would be constituted to liaise with the Minister of Finance and the Accountant-General of the Federation to ensure payment of local contractors for projects executed under the 2024 budget before its expiration on December 31.
On revenue projections, Senator Musa tasked FIRS Chairman, Mr. Zacch Adedeji, to work towards achieving a N35 trillion revenue target for 2026 instead of the earlier proposed N31 trillion.
Adedeji disclosed that FIRS generated N20.2 trillion in revenue in 2024 and N25.2 trillion in 2025, but noted that the gains were being undermined by repeated budget rollovers and overlapping implementations.
Meanwhile, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, alongside the Minister of State for Petroleum, Senator Heineken Lokpobiri, defended the assumptions underpinning the proposed N54.4 trillion 2026 budget.
They explained that the projections were based on parameters including daily oil production of 1.84 million barrels, an oil price benchmark of $64.85 per barrel, and an exchange rate of N1,512 to one US dollar, among others.
President Bola Ahmed Tinubu had last Thursday transmitted the 2026–2028 MTEF and FSP to the Senate for consideration and approval. The letter was read during plenary by the Deputy President of the Senate, Senator Barau Jibrin (APC, Kano North).
In the letter, the President noted that the MTEF and FSP were approved by the Federal Executive Council at its meeting of December 3, 2025, and would serve as the framework for preparing the 2026 Federal Government budget.
