Senate Questions Tinubu’s N58.47 Trillion Budget Proposal

The Nigerian Senate confronted President Bola Tinubu’s economic team over the proposed N58.47 trillion budget for 2026, marking the largest budget in the country's history. Senate Committee Chairman Olamilekan Adeola emphasized the need for credible revenue projections, highlighting that Nigeria cannot continue to pass massive budgets without realistic revenue expectations.

The economic team, including Finance Minister Wale Edun and Budget Minister Atiku Bagudu, faced scrutiny over the oil revenue forecast of 1.84 million barrels per day, which Adeola deemed overly ambitious given recent performance dips. The committee expressed concerns about the historical underperformance of revenue and the implications for fiscal stability.

Edun defended the ambitious targets, arguing they encourage higher performance. The discussion also touched on the need for timely capital project funding and the historical delays in budget execution.

The Senate's focus remains on ensuring that the budget aligns with realistic revenue expectations to avoid repeating past failures.