Senate Frowns at Multiple Budgets in a Fiscal year 

By Anayo Akwitti

The Senate has expressed dis-satisfaction with multiple budgets implementation in a fiscal year by the federal government as experienced in 2025.

As a result it has, the Senate has tasked the Federal Inland Revenue Service ( FIRS) to increase its projected revenue target for 2026 from thirty one trillion naira to thirty five trillion naira.

Meanwhile the federal government is lamenting a shortfalls of thirty trillion naira from forty trillion naira revenue target for 2025.

These revelations were made on Monday in Abuja during an engagement of the Senate committee on Finance and the Managers of the Nation’s economy.

Chairman of the committee, Senator Sani Musa (Niger East), and other senators expressed their displeasure at the session on the 2026 – 2028 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paoer ( FSP).

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, had in his contextual explanations on projections for 2026 budget and implementation of the 2024 and 2025 budgets , informed the committee that while revenues for 2024 budget have been met, that of 2025 have not been met.

” Funding for the capital components of the 2024 budget have been met through realization of the total projection of N26trillion revenue but that of 2025 have not been met .

He said” Out of projected N40trillion revenue for 2025 fiscal year , only N10trillion have been realized, leaving a shortfall of N30trillion and consequently , making the federal government roll over 70% of capital projects captured in 2025 fiscal year to 2026 “,.

But not satisfied by the submission, some members of the committee like Senators Danjuma Goje ( Gombe Central ), Olalere Oyewumi ( Osun West) Victor Umeh ( Anambra Central ) Aminu Iya Abbas (Adamawa Central ) etc , expressed displeasure with multiple budget implementations in a fiscal year.

Senator Goje in his remarks said the practice of implementing multiple budgets in a single year is unacceptable to Nigerians .

He noted that ” This ugly situation we found ourselves on multiple budget implementations should please end by this year . It is not acceptable. Things must be normalized from next year ”

Senator Oyelere in his comment told the Minister that since budgetary proposals were not given to the government by the governed , government should please present realizable proposals to avoid non – implementations which usually dove tailed into multiple implementations in subsequent years.

Senator Victor Umeh and Ireti Kingibe in their remarks , 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.

Senator Sani Musa in his capacity as Chairman, however came to the rescue of the Minister by assuring his colleagues and by extension, Nigerians that the required normalization in budget projections and implementation shall be done from 2026.

He added that 3 – man ad – hoc committee shall be set up by the committee to laise 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 the FIRS , Senator Sani Musa tasked its Chairman, Zacch Adedeji , to work towards realizing N35trillion as target revenue for 2026 fiscal year and not the earlier projected N31trillion mentioned by the Chairman.

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

He however said that the huge revenue being realized by FIRS and other agencies like Customs , are being swallowed and made insufficient by multiple budget implementations in a fiscal year.

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

The parameters are 1.84million oil production per day , $64.85 oil price benchmark , N1, 512.00 to 1USD as exchange rate etc .