By Henry Umoru
The Senate has taken a swipe at the multiple budgets implementation in a fiscal year by the federal government, as experienced in 2025, saying that the practice was unacceptable to Nigerians, just as it said that things must be normalized from next year.
According to the Senate, against the backdrop that budgetary proposals were not given to the government by the governed, the government should endeavour to please present realizable proposals to avoid non-implementations, which usually dovetail into multiple implementations in subsequent years.
The Senate, through its Senator Sani Musa, APC, Niger East-led Committee on Finance, expressed displeasure yesterday.
Consequently, the Upper Chamber urged the Federal Inland Revenue Service ( FIRS) to increase its projected revenue target for 2026 from N31trillion to N35trillion, just as the federal government lamented shortfalls of N30trillion from N40trillion revenue target for 2025.
Displeasure of Senators on multiple budget implementations in a fiscal year reared its head during the interactive session. The Finance Committee, Chaired by Senator Musa, met 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 the 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 the 2024 budget have been met, that of 2025 have not been met.
Edun said, “Funding for the capital components of the 2024 budget has been met through realization of the total projection of N26trillion revenue, but that of 2025 has not been met.
“Out of projected N40trillion revenue for the 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 the 2025 fiscal year to 2026.”
Not comfortable with submission, some members of the committee, like 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, who noted that the practice of implementing multiple budgets in a single year is unacceptable to Nigerians, said, “This ugly situation we find ourselves in with multiple budget implementations should please end by this year. It is not acceptable. Things must be normalized from next year.”
On his part, Senator Oyelere told the Minister that since budgetary proposals were not given to the government by the governed, the government should please present realizable proposals to avoid non – implementations which usually dovetailed into multiple implementations in subsequent years.
In their remarks, 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.
In his remarks, the Chairman of the Committee, Senator Sani Musa, 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.
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 the expiration of the budget on the 31st of this month.
For FIRS, Senator Sani Musa tasked its Chairman, Zacch Adedeji, to work towards realizing N35trillion as target revenue for the 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.
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, N1, 512.00 to 1USD as exchange rate, etc.
President Bola Tinubu had last week Thursday transmitted the 2026-2028 Medium Term Expenditure Framework and Fiscal Strategy Paper to the Senate for consideration and subsequent approval.
According to the letter from President Tinubu, the submission is in line with the regular legislative procedure that precedes the presentation of the annual budget, setting the fiscal parameters for the next three years.
The letter was read by the Deputy President of the Senate, Senator Barau Jibrin, APC, Kano North, just as he requested expeditious consideration of the
MTEF/FSP.
The letter 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 were approved during the Federal Executive Council meeting of December 3, 2025, as the 2026 budget of the Federal Government will be prepared, based on the parameters and fiscal assumptions of the approved 2026 to 2028 MTEF and FSP,” the letter reads.
The Federal Executive Council last week approved the 2026-2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper, pegging the oil price benchmark at $64.85 per barrel and a budget exchange rate of N1,512/$1 for 2026.
Jibrin immediately referred the communication to Senator Sani Musa, APC, Niger East-led Senate Committee on Finance for further legislative action and report back on Wednesday, December 17.
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