By Hassan Taiye

Strong indication emerged Thursday in the Senate that presentation of budgetary proposals for 2026 fiscal year by President Bola Tinubu to the National Assembly will not happen soon.

This is as the Senate through its committee on Finance , directed the managers of the Nation’s economy to in two weeks time , furnish it with documented performance report on the 2024 budget implementation and expectations for the implementation of capital component of 2025 budget .

The Chairman of the Committee , Senator Mohammed Sani Musa ( Niger East), gave the directive after about one and half hours closed door meeting the, committee had with the Minister of Finance , Wale Edun , Accountant General of the Federation , Samsudeen Ogunjimi and Director – General of the Budget Office , Tanimu Yakubu .

According to him , the committee resolved that presentation of Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP ) for 2026 to 2029 fiscal years , can only follow after submission of the requested reports to it by the economy managers on the 23rd of this month .

He said : ” We have had the position at which the 2024 budget is, and what the position also of the 2025 budget. And the expectations we are having for the ministry to, as a matter of urgency, bring the MTEF for 2026 to 2029. And the minister has briefed us, and we have collectively agreed that we are making progress, but we need to make more progress.

“We have heard from the Accountant General, we have heard from the Director of Budgets, where we are with the budgets. The payments that have so far been released, the warrants that have so far been signed. And also, regarding the 2025 authority to incur the expenditure for agencies to be able to release their capital projects.

“We have all heard that, and we have agreed that we are making progress. And we expect that, with what Mr. President has done just this week, sending a letter to the National Assembly, requesting for more approvals to loans, to be able to see that the 2025 budget is also taking adequate care of.

“We have all agreed that we will want documented evidence of the performance of 2024, and our expectations for the 2025 budget, before we start talking about the MTEF for 2026.

“And the Honourable Minister of Finance has agreed to oblige us to give us that progress report. And we have agreed to reconvene, because this meeting is just adjourned. We are going to reconvene on the 23rd of October”

Earlier before the Committee went into closed door session with the economy managers , while the Minister of Finance and Coordinating Minister of the economy, Wale Edun said high performance is being recorded in the implementation of the capital component of 2024 budget and good performance for 2025 , the DG budget office said otherwise .

According to the DG budget office , during the two fiscal years ( 2024 &2025), budgetary implementation were somewhat turbulent as some of the underlying assumptions were not met .

He said : “We have indeed had a turbulent year — one in which most of the assumptions underpinning the 2024 and 2025 budgets turned out differently from projections.

“Oil revenue, assumed at $75 per barrel, fell short by between $10 and $15 due to global price fluctuations. Inflation also rose beyond projections, affecting borrowing costs and debt service performance, which significantly exceeded targets.

“Furthermore, the unforeseen fiscal implications of the Petroleum Industry Act (PIA) 2022 have compounded our challenges.

” Under the Act, 30% of gross oil revenue and 30% of oil and gas profits are retained for upstream operations, while the Federal Government also bears the NNPC’s operating costs. This has reduced the Federation Account allocation by nearly 70% of what used to accrue.

“In addition, crude oil output has been lower than projected in the MTEF approved by the National Assembly”.

From Hassan Taiye with Correspondent Report

Governor of Oyo State, ‘Seyi Makinde, has been called upon to contest the 2027 presidential election in order to bring a total turnaround to the economy of the country and the welfare of its teeming people.

This call was made on Tuesday by Local Government Secretaries, Chiefs of Staff to Local Government Chairmen, Supervisory Councillors and Special Assistants from all the 33 local government areas of the state, who converged on the Secretariat, Agodi, Ibadan, for a solidarity rally.

The local government appointees pointed out the massive transformation of Oyo State on Governor Makinde’s watch, tasking the governor to present himself to deliver the good governance, which Oyo State has been enjoying in the last six years and some months, to the entire country.

According to the appointees, who thronged the Secretariat in hundreds and were received on behalf of the governor by the Deputy Governor of the state, Barr. Abdulraheem Bayo Lawal, at the Frontage of the Governor’s Office, Governor Makinde has proven his leadership mettle over the years.

Speaking on behalf of the ‎political supporters, the chairman of Oyo State Supervisory Councillors’ Forum, Mr Ayodeji Oladepo, said Governor Makinde had demonstrated his leadership ability and would be able to bring transformative governance to the country for the benefits of all citizens.

He assured of the forum’s readiness to mobilise support for the governor’s presidential bid in 2027.

In his response, the Deputy Governor, who received them, thanked them and commended them for their thoughtfulness.

‎He affirmed that Governor Makinde is eminently qualified to be the President of Nigeria, adding that the governor has significantly raised the standard of governance in the state and that he would bring his excellent performance to bear on national leadership.

‎He assured the political supporters that the Governor would respond to their request at the appropriate time.

Speaking to newsmen shortly after receiving the crowd of supporters, Barr. Lawal said: “Well, you saw the crowd. I didn’t know they were coming. But having seen how lively, enthusiastic and happy they were, I could not but come out to address them in spite of the fact that the governor is otherwise engaged.

“The main reason they came, according to them, is to urge our governor to come out to contest for the Presidency. It is a legitimate call because, by all standards and by all means, the governor is eminently qualified.

“Like many other people, they have come out from the 33 local government areas of Oyo State and it shows clearly that these people genuinely wish our governor well.

“The choice entirely is the governor’s, but that is what they wish, and I have told them that the message will be delivered to the governor.

“I know that, at the appropriate time, the governor would respond to the yearnings and the callings of the people.”

By Hassan Taiye

The President of the Senate, Godswill Akpabio has once again assured Nigerians that the 10th Senate under his leadership will remain open, accountable and responsive.

Akpabio gave the assurance on Tuesday in his address to welcome his Distinguished colleagues back in Plenary after about 10 weeks of annual recess.

In the welcome address titled: “Steady Hands For a Great Nation,” Akpabio said: “To the citizens of Nigeria, we say this: we hear you. We know your expectations. You ask not for excuses but for results; not for noise but for substance.

“This Senate will remain open, accountable, and responsive. We will not shrink from scrutiny — indeed, we welcome it, for accountability is the lifeblood of democracy.

“But it must be clearly understood: the foundation of every democracy is its legislature. Those who seek to weaken the legislature, in truth, seek to wreck the substructure of democracy itself.”

The Senate President commiserated with fellow compatriots across the flood-ravaged states and extended hand of fellowship and prayers of comfort to every home affected by other disasters, insecurity, hunger and hardship.

Akpabio charged his Distinguished colleagues to resume work with fresh vigour and steadfast resolve and legislate for future generations.

He said: “Our people do not look to us for lamentations; they look to us for action. The banners of terrorism and banditry still threaten the countryside.

“The cost of living weighs upon the family table like an iron chain. The flickering of our national grid leaves cities in darkness and commerce in paralysis.

“These trials summon us to service of uncommon urgency — and to partnership with the Executive Arm, that together we rewrite the story of our nation.

“We must legislate with boldness. We must press forward with reforms to steady our economy, draw investment, broaden the tax base, and nurture growth.

“We must strike hard at the enemies of ignorance and disease by strengthening education and healthcare. We must give the youths of Nigeria not only hope but opportunity.

“We must revisit the Constitution — to make our federalism stronger, our governance were efficient, and our democracy more inclusive.

“Above all, we must wield our power of oversight with vigilance, so that the people’s money is spent for the people’s good.

“Our relations with the Executive shall remain frank and firm — neither obsequious nor obstructive. Where policies raise our people, we shall lend our strength; where they imperil them, we shall speak on their behalf.

“We must continue to uphold the independence of this Senate, the dignity of this chamber, and the majesty of the Constitution which governs us all.

“Distinguished colleagues, let history record that in our time, we did not shirk from truth, nor flinch from responsibility, but urged our people toward leaders worthy of their trust.

“Let us resume our work with fresh vigour and steadfast resolve. Let us legislate not only for the Nigeria of today but for the generations whose faces we shall never see.

“Let this Senate be remembered as an instrument of national transformation, a citadel of democracy, and a beacon of hope.”