Connect with us

Uncategorized

Senate kicks against multiple budgets in a fiscal year

Published

on

.. tasks FIRS N35trillion revenue in 2026
.. As FG laments N30trillion shortfalls from N40trillion targeted revenue for 2025

The Senate Monday through its committee on Finance , expressed displeasure with multiple budgets implementation in a fiscal year by the federal government as experienced in 2025 .

It consequently tasked the Federal Inland Revenue Service ( FIRS) , to increase its projected revenue target for 2026 from N31trillion to N35trillion even as the federal government lamented shortfalls of N30trillion from N40trillion revenue target for 2025 .

Displeasure of Senators on multiple budgets implementations in a fiscal year , came to the fore during interactive session the Finance Committee , Chaired by Senator Sani Musa ( Niger East), had with leading Managers of the Nation’s economy on the 2026 – 2028 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paoer ( FSP) .

The Minister of Finance and Coordinating Minister of the Economy , Wale Edun , had in his contextual explanations on projections for 2026 budget and implementation of the 2024 and 2025 budgets , informed the committee that while revenues for 2024 budget have been met, that of 2025 have not been met .

” Funding for the capital components of the 2024 budget have been met through realization of the total projection of N26trillion revenue but that of 2025 have not been met .

” Out of projected N40trillion revenue for 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 2025 fiscal year to 2026 “, he said .

Worried by the submission , some members of the committee like Senators Danjuma Goje ( Gombe Central ) , Olalere Oyewumi ( Osun West) , Victor Umeh ( Anambra Central ) , Aminu Iya Abbas ( Adamawa Central ) etc , expressed displeasure with multiple budget implementations in a fiscal year .

Specifically , Senator Goje in his remarks said the practice of implementing multiple budgets in a single year is unacceptable to Nigerians .

” This ugly situation we found ourselves on multiple budget implementations should please end by this year . It is not acceptable. Things must be normalized from next year “, he said .

Senator Oyelere in his comment told the Minister that since budgetary proposals were not given to the government by the governed , government should please present realizable proposals to avoid non – implementations which usually dove tailed into multiple implementations in subsequent years .

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 .

Senator Sani Musa in his capacity as Chairman, 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 .

He added that 3 – man ad – hoc committee shall be set up by the committee to laise with the Minister and the Accountant – General of the Federation on payment of local contractors for projects executed in 2024 before expiration of the budget on 31st of this month.

For FIRS , Senator Sani Musa tasked its Chairman, Zacch Adedeji , to work towards realizing N35trillion as target revenue for 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.

The Minister of Budget and Economic Planning , Senator Atiku Bagudu and Minister of State ( Petroleum ) , Senator Heineken Lokpobiri in their submissions , 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 .

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

ADC Honours Fallen Heroes, Criticises Tinubu’s Absence on Armed Forces Remembrance Day

Published

on

Fabian Apechihin

The African Democratic Congress (ADC) has marked the 2026 Armed Forces Remembrance Day, paying tribute to fallen and serving members of the Nigerian Armed Forces, while criticising President Bola Tinubu for his absence at the national ceremony.

The party described the President’s non-attendance at an event meant to promote national unity, reflection and support for troops and their families as troubling, stressing that the physical presence of the Commander-in-Chief carries strong moral and symbolic value for soldiers on the frontlines.

This position was outlined in a statement issued on Thursday by the ADC’s National Publicity Secretary, Bolaji Abdullahi.

According to the ADC, Armed Forces Remembrance Day is more than a ceremonial occasion and requires visible leadership and collective national mourning, especially at a time when security personnel are battling multiple threats across the country.

The party noted that the day is dedicated to honouring the courage, sacrifice and patriotism of military personnel who laid down their lives in defence of Nigeria, adding that such a solemn occasion demands leadership at the highest level.

It argued that the President’s absence weakened the sense of solidarity with troops and military families who continue to shoulder the burden of the nation’s security challenges.

The ADC also linked the issue to the growing pressure on the armed forces, pointing out that soldiers remain overstretched as they confront insurgency, banditry and violent crime in different parts of the country.

The party maintained that leadership should not be reduced to symbolism or delegated during periods of national difficulty, insisting that the Commander-in-Chief’s presence on such a day reflects respect, accountability and shared sacrifice.

Reaffirming its support, the ADC said it honours fallen heroes, stands with serving personnel and recognises the resilience of military families, while calling for leadership that prioritises responsibility, clear strategy and genuine political commitment over image management, foreign engagements or political convenience.

Continue Reading

Uncategorized

Nigeria Removed from European Union’s Financial High-Risk List

Published

on

Fabian Apechihin

Nigeria has been removed from the European Union’s list of high-risk jurisdictions, a move expected to improve trade, financial transactions, and investment flows between the country and Europe.

The European Commission confirmed the decision on Wednesday, according to a report by Business Insider. Nigeria was delisted alongside South Africa, Burkina Faso, Mali, Mozambique, and Tanzania.

In a statement, the commission said the affected countries had strengthened their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks and no longer posed “strategic deficiencies” under the EU’s assessment criteria. It added that the reforms brought their financial systems in line with international standards set by the Financial Action Task Force (FATF).

Reacting to the development, the Minister of State for Finance, Doris Uzoka-Anite, described the decision as a significant boost to investor confidence. Writing on X on Thursday, she said: “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list! Congrats to President Bola Ahmed Tinubu on this achievement. As minister of state for finance, I’m proud of this boost to trade and investor confidence.”

Nigeria’s removal from the list marks a major shift from its previous status, which subjected transactions with European partners to enhanced due diligence and stricter documentation requirements. That designation had increased scrutiny of Nigerian banks and businesses, often slowing cross-border trade and complicating investment processes.

Analysts say the delisting could help improve Nigeria’s access to European financial markets, reduce transaction costs, and strengthen confidence among foreign investors.

Continue Reading

Uncategorized

US Approves $413m for Military Operations in Nigeria Amid Rising Insecurity

Published

on

Fabian Apechihin

The United States government has approved $413.046 million (about ₦587 billion) to support military operations in Nigeria and other West African countries as part of efforts to combat worsening insecurity in the region.

The funding, aimed at addressing threats such as terrorism and banditry, forms part of the US National Defense Authorization Act (NDAA) for the 2026 fiscal year. The wide-ranging defence bill, which authorises a total global military budget of $901 billion, was signed into law by President Donald Trump on December 18, 2025.

Under the Act, the allocation for the US Africa Command (AFRICOM) falls within the “Operations and Maintenance” category, with a focus on strengthening counter-terrorism operations and degrading extremist networks across West Africa.

The approval follows recent direct US military engagement in Nigeria. On Christmas Day 2025, American forces carried out airstrikes on terrorist hideouts in Sokoto State. In addition, AFRICOM delivered a new batch of military equipment to Nigerian security agencies earlier this week.

The equipment handover, which took place in Abuja, is widely viewed as a strategic move to modernise Nigeria’s military capabilities and enhance its operational effectiveness against insurgent groups.

Beyond financial and logistical support, the NDAA 2026 also introduces institutional reforms affecting US engagement in Africa. The Act establishes a new Bureau of African Affairs and creates the position of Assistant Secretary for African Affairs within the US Department of State.

These new offices will oversee US foreign policy and coordinate security assistance across sub-Saharan Africa. The legislation also mandates a comprehensive review of Russia’s expanding military footprint and influence on the continent, highlighting Washington’s intent to confront geopolitical competition alongside counter-terrorism efforts.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.