By George Ozalla
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led key government economic managers and revenue agency heads to the National Assembly on Thursday to defend the Federal Government’s 2025 budget performance and present the proposed 2026 fiscal framework to lawmakers. Edun was joined by the Minister of Budget and Economic Planning, Atiku Bagudu, the Accountant‑General of the Federation, Dr Shamseldeen Babatunde Ogunjimi, and the Chairman of the Nigeria Revenue Service, Zacch Adedeji, as the leadership team responded to detailed questioning from members of the Senate Committee on Finance and the House Committee on Appropriations. Representatives of the Nigeria Customs Service appeared on behalf of the Comptroller‑General, with the service’s Deputy Comptroller‑General, Caroline Niagwan, addressing customs revenue performance, border management and trade facilitation in support of national fiscal targets. Lawmakers probed the slow pace of capital budget implementation, noting that despite improved revenue inflows, agencies reported minimal cash backing for projects. Some committee members demanded greater accountability and hinted at calls for leadership changes over execution delays.
Edun said the government’s fiscal reforms, including the removal of fuel subsidies and exchange rate unification, had reshaped revenue flows and required adjustments in the timing of expenditure, adding that the administration remained committed to a transparent and rules‑based fiscal system that ensures sustainability and stability. Bagudu outlined the administration’s expenditure priorities, emphasising the need to balance macroeconomic stability with investments in strategic sectors and human capital, and explained that portions of the 2025 capital budget had been rolled into the 2026 proposal to ensure funding certainty and better implementation. Adedeji updated lawmakers on the Nigeria Revenue Service’s performance, reporting that the agency exceeded its 2025 target by generating N28.23 trillion against a target of N25.2 trillion, reflecting improved compliance and a broader tax base. Dr Ogunjimi answered questions on payment systems and disbursements and assured lawmakers that reforms were underway to enhance tracking of releases and ensure funds were used for their designated purposes. Lawmakers criticised the centralised payment model, with some members stating that appropriations must translate into visible projects in communities and urging reforms to improve flexibility and timeliness in disbursements. The Senate Committee on Finance also expressed frustration at the absence of certain agency heads and emphasised the importance of stronger compliance with legislative oversight requests. At the close of the session, committee chairs scheduled further appearances by agency heads and economic managers to complete the review of the 2026 budget estimates, underscoring that the defence process is crucial for fiscal accountability and effective governance. The Ministry of Finance continues to play a central role in fiscal policy, revenue mobilisation and expenditure management as it engages with the National Assembly to ensure financial discipline and delivery of national development priorities.
