Senate’s demand for 2024 performance report delays 2026 budget presentation

By Henry Umoru, Abuja

There are strong indications that the presentation of the 2026 fiscal year budget by President Bola Tinubu to the National Assembly may be delayed, as the Senate has insisted on receiving detailed reports on the implementation of the 2024 budget before considering new fiscal projections.

This development emerged after a closed-door meeting between the Senate Committee on Finance, chaired by Senator Sani Musa (APC, Niger East), and key economic managers, including the Minister of Finance, Mr. Wale Edun; the Accountant General of the Federation, Samsudeen Ogunjimi; and the Director-General of the Budget Office, Tanimu Yakubu.

Speaking to journalists after the session, Senator Musa said the committee directed the finance authorities to submit documented reports on the 2024 budget performance and expectations for 2025 capital implementation within two weeks.

“We have reviewed the current status of the 2024 and 2025 budgets. The Minister of Finance has briefed us, and while we are making progress, there’s still more to be done.

“We have requested documented evidence of the performance of 2024 and our expectations for 2025 before we begin discussions on the Medium Term Expenditure Framework (MTEF) for 2026–2029,” Musa stated.

Edun…

He added that the committee would reconvene on October 23 to review the submissions before allowing the presentation of the MTEF and Fiscal Strategy Paper (FSP) — prerequisites for the 2026 budget.

Earlier, during the interface, Finance Minister Wale Edun reported strong progress in capital budget implementation for 2024 and expressed optimism about the 2025 fiscal outlook.

“At this point, major distortions in the economy are being corrected. Inflation is beginning to decline, and growth is accelerating across sectors. In the second quarter of 2025, GDP grew by 4.23%, with the industrial sector expanding by 7.45%, which helps generate jobs and reduce poverty,” Edun said.

He added that the government was committed to maintaining high levels of capital budget performance through the end of 2025, stressing that “the culture of budget overruns and repeated extensions must stop.”

However, Budget Office DG Tanimu Yakubu offered a more cautious assessment, noting that the implementation of the 2024 and 2025 budgets had been turbulent due to missed macroeconomic assumptions.

“Oil revenue, projected at $75 per barrel, fell short by $10–$15 due to global price fluctuations. Inflation also rose beyond expectations, increasing borrowing costs and debt servicing.

The Petroleum Industry Act (PIA) 2022 also impacted fiscal outcomes, as 30% of gross oil revenue and profits are now retained for upstream operations, reducing Federation Account inflows,” Yakubu explained.

He further disclosed that crude oil production remained below projections in the current MTEF, adding that these factors collectively constrained budget performance.

With the Senate’s insistence on accountability and performance reports before considering the next fiscal plan, analysts expect a significant delay in the presentation of the 2026 Appropriation Bill.

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