Senate kicks against multiple budgets, orders FIRS to deliver N35tn revenue

The Senate has expressed displeasure over the Federal Government’s practice of implementing multiple budgets within a single fiscal year, warning that the trend undermines fiscal discipline, public confidence, and effective economic planning.

The concern was raised on Monday by the Senate Committee on Finance during an interactive session with key economic managers of the Federal Government on the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper.

Consequently, the committee directed the Federal Inland Revenue Service to raise its projected revenue target for the 2026 fiscal year from N31tn to N35tn, even as the Federal Government disclosed a N30tn shortfall from its N40tn revenue projection for the 2025 budget.

The committee, chaired by Senator Sani Musa (Niger East), frowned at the rollover of unimplemented capital projects from one fiscal year to another, describing it as a recurring anomaly that has become systemic.

Providing context to the revenue projections and budget implementation challenges, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told the committee that while the 2024 budget performed relatively well, the 2025 budget had suffered serious revenue setbacks.

Edun said, “Funding for the capital component of the 2024 budget was met through the realisation of the total projected N26tn revenue, but that of 2025 has not been met.

“Out of the projected N40tn revenue for the 2025 fiscal year, only N10tn has been realised, leaving a shortfall of N30tn and consequently forcing the Federal Government to roll over 70 per cent of capital projects captured in the 2025 fiscal year to 2026