Senate kicks against multiple budgets in a fiscal year

•Tasks FIRS to raise its projected revenue target for 2026

By Henry Umoru

ABUJA – The Senate has condemned the multiple budget implementations in a fiscal year by the federal government, as experienced in 2025, saying the practice is unacceptable to Nigerians and must be normalised from next year.

It also said the government should endeavour to present realisable proposals to avoid non-implementations which usually dovetailed into multiple implementations in subsequent years.

Chairman of the Committee on Finance, Senator Sani Musa, APC, Niger East, expressed his displeasure yesterday.

Consequently, the Senate urged the Federal Inland Revenue Service, FIRS, to increase its projected revenue target for 2026 from N31trillion to N35trillion, as the federal government lamented shortfalls of N30trillion from the N40trillion revenue target for 2025.

The displeasure of senators on multiple budget implementations in a fiscal year came during the interactive session the finance committee, chaired by Senator Musa, had with leading managers of the nation’s economy on the 2026-2028 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP.

In his explanations on projections for 2026 budget and implementation of the 2024 and 2025 budgets, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told members of the committee that while revenues for 2024 budget had been met, that of 2025 had not been met.

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.”

Not comfortable with the submission, some members of the committee, including Senators Danjuma Goje, APC, Gombe Central; Olalere Oyewumi, Osun West; Victor Umeh, LP, Anambra Central; Aminu Iya Abbas, Adamawa Central; Ireti Kingibe, FCT, among others, expressed displeasure with multiple budget implementations in a fiscal year

In his remarks, Senator Goje noted that the practice of implementing multiple budgets in a single year was unacceptable to Nigerians.

He 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.”

On his part, Senator Oyelere told the minister that since budgetary proposals were not given to the government by the governed , government should present realisable proposals to avoid non-implementations which usually dovetailed into multiple implementations in subsequent years.

In their remarks, Senators Victor Umeh and Ireti Kingibe, 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.

Chairman of the committee, Senator Sani 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.

According to him, 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.

For FIRS, Senator Musa tasked its chairman, Zacch Adedeji, to work towards realising N35trillion as target revenue for 2026 fiscal year and not the earlier projected N31trillion he mentioned.

The FIRS boss had in making the projection, said the agency under him, realised N20.2trillion revenue in 2024 and N25.2trillion in 2025.

He, however, said the huge revenue being realised by FIRS and other agencies, such as Customs, were being swallowed and made insufficient by multiple budget implementations in a fiscal year.

In their submissions, the Minister of Budget and Economic Planning, Senator Atiku Bagudu and Minister of State (Petroleum), Senator Heineken Lokpobiri, defended the parameters set for the N54. 4trillion 2026 budget.

The parameters are 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.

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