Nigeria's 2026 Budget Faces Scrutiny Over Allegations

As Nigeria's National Assembly examines the proposed N58.47 trillion 2026 budget, concerns about budget padding and opaque project insertions have resurfaced. The controversy centers on the Presidential Foreign Investment Promotion Council (PFIPC), which was disowned by the Presidency despite being allocated approximately N1.3 billion in the budget.

The self-acclaimed Director-General, Adeniyi Adeyemi Matthew, was arrested and prosecuted for forgery, impersonation, and fraud, raising questions about how a non-existent agency received budgetary allocation. Investigations have been ordered, revealing weaknesses in budget preparation, verification, and legislative scrutiny.

The Senate Committee on Finance, led by Senator Sani Musa, criticized the envelope budgeting system for failing to promote strategic planning and suggested a shift to a priority-based budgeting framework. Fiscal experts, including BudgIT Country Director Vahyala Kwaga, argue that the lack of rigorous planning and credible data undermines the budgeting process, while legislative oversight has not effectively interrogated budget proposals or implementation records.