Senate Questions Edun on Oil Revenue and N152tr Debt

On Wednesday, the Nigerian Senate, led by Chairman Solomon Adeola, interrogated Finance Minister Wale Edun concerning the country's oil revenue underperformance and its staggering N152 trillion debt burden. Zacch Adedeji, Chairman of the Nigeria Revenue Service, criticized unrealistic budget assumptions as a primary cause of recurring funding crises.

Adeola emphasized the need for credible revenue projections in the 2026 budget, warning against significant variances from previous years. Edun defended the budget's oil production benchmark of 1.84 million barrels per day, asserting it was designed to improve output.

He highlighted that Nigeria's primary challenge is not merely its debt-to-GDP ratio but the high cost of debt servicing. The Minister noted President Bola Tinubu's advocacy for establishing an African credit rating agency to ensure fair financing assessments for African economies.

Edun also mentioned efforts to attract $20 billion in investments and aimed to raise total investment to 30% of GDP to achieve annual growth of 7% and significantly reduce poverty.