Senate grills FG’s economic team over budget projections
The Senate Committee on Appropriations on Thursday grilled the federal government’s economic team over consistent failures in budget implementation and the negligible release of capital votes to Ministries, Departments, and Agencies (MDAs). Led by Senator Solomon Olamilekan Adeola (Ogun West), the committee’s interactive session focused on the feasibility of the N58.472 trillion 2026 budget. The […]
Senate
The Senate Committee on Appropriations on Thursday grilled the federal government’s economic team over consistent failures in budget implementation and the negligible release of capital votes to Ministries, Departments, and Agencies (MDAs).
Led by Senator Solomon Olamilekan Adeola (Ogun West), the committee’s interactive session focused on the feasibility of the N58.472 trillion 2026 budget.
The lawmakers also questioned the timeline for concluding the capital components of the 2024 and 2025 budgets by the March 31, 2026, deadline.
The explanation of Minister of Finance and Coordinating Minister of the Economy, Wale Edun, that the 2024 and 2025 capital components were “still being funded” failed to satisfy the committee.
Dr. Zacch Adedeji, Chairman of the Nigeria Revenue Service (NRS), intervened by arguing that unrealistic assumptions inevitably lead to poor implementation.
“Budget funding must come from realistic projections. If you assume you have one hundred units and spend accordingly, you run into serious problems if those funds do not materialise,” Adedeji said.
Senator Adeola countered by reminding the NRS boss that the executive arm—which includes the NRS—is solely responsible for drafting these projections.
He said, “The gap between projected and realised oil revenue is wide. How do we explain an 18% performance in one year, followed by a 36.5% projection the next year? Should we reduce the N58.472 trillion 2026 budget or make adjustments?”
In response, the Minister of State for Finance, Dr Doris Nkiruka Uzoka-Anite, assured the committee that the 30% capital component of the 2024 and 2025 budgets would be fully implemented by March 31, 2026.
She noted that payments for outstanding 2024 projects began on Thursday and that the financial management system is back online.
The committee later entered a two-hour closed-door session with the economic team, which included the Minister of Budget and Economic Planning, Senator Atiku Bagudu, and the Accountant General of the Federation, Shamseldeen Babatunde Ogunjimi.