The Senate has queried key members of the federal government’s economic team over what it described as shaky revenue projections underpinning the proposed N58.472 trillion 2026 budget.
During an interactive session convened by the Senate Committee on Appropriations, lawmakers scrutinised the feasibility of delivering the ambitious spending plan.
They also demanded clarity on the delayed capital components of the 2024 and 2025 budgets.
Senator Solomon Olamilekan Adeola (Ogun West), chairman of the committee expressed concern over the persistent gap between projected and actual revenue, especially from oil earnings.
He questioned the rationale behind optimistic forecasts when previous performance figures fell significantly short of targets.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told the panel that funding for outstanding capital projects in the 2024 and 2025 budgets was ongoing.
However, several lawmakers pressed for firm timelines and measurable benchmarks.
Dr Zacch Adedeji, chairman of the Nigeria revenue service argued that inflated revenue expectations often distort implementation.
According to him, effective budgeting should reflect realistic income assumptions rather than ambitious projections that may not materialise.
Adeola, however, reminded the revenue chief that the budget framework originated from the executive arm, insisting that projections must be credible and reflective of prevailing economic realities.
He also warned that continued reliance on debt financing could further strain public finances unless assets are strategically deployed to reduce borrowing.
Responding, Dr Doris Uzoka-Anite, Minister of State for Finance assured senators that payments for pending 2024 capital projects had commenced, adding that processes for the 2025 budget were being activated.
She said Ministries, Departments and Agencies (MDAs) had been directed to submit their cash plans to facilitate disbursements.
Senator Atiku Bagudu, minister of budget and economic planning and the accountant-general of the federation, Shamsedeen Ogunjimi, also participated in the session, which later moved into a closed-door meeting.
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