SENATE
By Tosin Ogunrinde
The Senate has finally called out the government’s habit of running several budgets in a single fiscal year, saying it’s unsustainable and has left a massive hole in the nation’s finances. During a heated interactive session on the 2026‑2028 Medium‑Term Expenditure Framework, lawmakers demanded that the Federal Inland Revenue Service (FIRS) step up its game and lift the 2026 revenue target from ₦31 trillion to ₦35 trillion
They pointed to the stark reality of the 2025 fiscal year: the government had set a ₦40 trillion revenue goal but only managed to collect about ₦10 trillion, leaving a ₦30 trillion shortfall Finance Minister Wale Edun admitted that while the 2024 budget hit its numbers, the 2025 budget fell far short, forcing the country to roll over roughly 70 % of capital projects into the next year.
In response, the Senate’s Finance Committee, chaired by Senator Sani Musa, formally tasked FIRS Chairman Zacch Adedeji with delivering the higher ₦35 trillion target for 2026 Adedeji noted that his agency had already generated ₦20.2 trillion in 2024 and ₦25.2 trillion in 2025, but those gains are being eroded by the overlapping budget cycles.
The proposed 2026 budget itself is a hefty ₦54.5 trillion, with projected revenue of ₦34.33 trillion, leaving a deficit of about ₦20 trillion and debt‑service obligations around ₦15.9 trillion . Lawmakers warned that without a realistic revenue framework, the country risks perpetuating the same cycle of shortfalls and borrowing.
Senators from across the aisle voiced their frustration, describing the situation as “ugly” and calling for an immediate end to multiple budget implementations. They also announced a three‑man ad‑hoc committee to ensure that contractors for 2024 projects are paid before the December 31 deadline, aiming to restore some fiscal discipline.
Looking ahead, the Senate says it will not consider the 2026‑2028 fiscal plan until a proper public hearing clears up the revenue performance for 2024 and 2025. If the new revenue target is met and the budget process is normalised, 2026 could finally bring the single‑year budgeting the country desperately needs.
