The Senate has challenged the President’s economic team over the performance of the 2025 budget and projections underpinning the proposed N58.7 trillion 2026 estimate.
During a heated session of the Senate Committee on Appropriations, lawmakers questioned the credibility of the assumptions driving the proposal.
Several senators complained of poor funding of Ministries, Departments and Agencies in the current fiscal year.
They cited unpaid contractors, inadequate capital releases and mounting public debt as key concerns.
Some lawmakers described the defence session as one of the weakest in recent years.
The Committee Chairman, Adeola Olamilekan, queried the confidence of the economic managers in meeting the proposed target.
He asked whether the Senate should reduce the N58.7 trillion estimate if underlying assumptions were flawed.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, faced intense questioning over revenue performance.
The lawmakers pressed for clarity on capital releases and the implementation gap in the 2025 budget.
Attention shifted to the Chairman of the National Revenue Service, Zacch Adedeji.
He admitted that previous budgets were often based on unrealistic projections.
According to him, weak assumptions have historically undermined effective execution.
He urged lawmakers to anchor the 2026 budget on verifiable and achievable revenue forecasts.
The Minister of State for Finance told the panel that steps were underway to address outstanding obligations.
She said MDAs had been directed to upload cash plans covering pending liabilities.
Payments related to the 2025 budget, she assured, would commence immediately or by Monday at the latest.
After the exchanges, the committee moved into a closed-door session.
The Senate is expected to decide whether adjustments will be made to the 2026 proposal in the coming days.
