By Our Correspondent

Ahead of 2026 budget presentation by President Bola Ahmed Tinubu to National Assembly,Senate Monday through its committee on Finance , expressed displeasure with multiple budgets implementation in a fiscal year by the federal government as experienced in 2025 .

It consequently tasked the Federal Inland Revenue Service ( FIRS) , to increase its projected revenue target for 2026 from N31trillion to N35trillion even as the federal government lamented shortfalls of N30trillion from N40trillion revenue target for 2025 .

Displeasure of Senators on multiple budgets implementations in a fiscal year , came to the fore during interactive session the Finance Committee , Chaired by Senator Sani Musa ( Niger East), had with leading Managers of the Nation’s economy on the 2026 – 2028 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paoer ( FSP) .

The Minister of Finance and Coordinating Minister of the Economy , Wale Edun , had in his contextual explanations on projections for 2026 budget and implementation of the 2024 and 2025 budgets , informed the committee that while revenues for 2024 budget have been met, that of 2025 have not been met .

” Funding for the capital components of the 2024 budget have been met through realization of the total projection of N26trillion revenue but that of 2025 have not been met .

” Out of projected N40trillion revenue for 2025 fiscal year , only N10trillion have been realized, leaving a shortfall of N30trillion and consequently , making the federal government roll over 70% of capital projects captured in 2025 fiscal year to 2026 “, he said .

Worried by the submission , some members of the committee like Senators Danjuma Goje ( Gombe Central ) , Olalere Oyewumi ( Osun West) , Victor Umeh ( Anambra Central ) , Aminu Iya Abbas ( Adamawa Central ) etc , expressed displeasure with multiple budget implementations in a fiscal year .

Specifically , Senator Goje in his remarks said the practice of implementing multiple budgets in a single year is unacceptable to Nigerians .

” This ugly situation we found ourselves on multiple budget implementations should please end by this year . It is not acceptable. Things must be normalized from next year “, he said .

Senator Oyelere in his comment told the Minister that since budgetary proposals were not given to the government by the governed , government should please present realizable proposals to avoid non – implementations which usually dove tailed into multiple implementations in subsequent years .

Senator Victor Umeh and Ireti Kingibe in their remarks , wondered why the federal government did not fill the missing gaps in revenue targets , with borrowings approved for it from time to time by the Senate and by extension, the National Assembly .

Senator Sani Musa in his capacity as Chairman, however came to the rescue of the Minister by assuring his colleagues and by extension, Nigerians that the required normalization in budget projections and implementation shall be done from 2026 .

He added that 3 – man ad – hoc committee shall be set up by the committee to laise with the Minister and the Accountant – General of the Federation on payment of local contractors for projects executed in 2024 before expiration of the budget on 31st of this month.

For FIRS , Senator Sani Musa tasked its Chairman, Zacch Adedeji , to work towards realizing N35trillion as target revenue for 2026 fiscal year and not the earlier projected N31trillion mentioned by the Chairman.

The FIRS boss had in making the projection said the agency under him, realized N20.2trillion revenue in 2024 and N25.2trillion in 2025 .

He however said that the huge revenue being realized by FIRS and other agencies like Customs , are being swallowed and made insufficient by multiple budget implementations in a fiscal year.

The Minister of Budget and Economic Planning , Senator Atiku Bagudu and Minister of State ( Petroleum ) , Senator Heineken Lokpobiri in their submissions , defended the parameters set for the N54. 4trillion 2026 budget .

The parameters are 1.84million oil production per day , $64.85 oil price benchmark , N1, 512.00 to 1USD as exchange rate etc .

By George Mgbeleke

The Federal Inland Revenue Service (FIRS), is targeting N31 trillion revenue collection for the year 2026.

The FIRS Executive Chairman, Dr Zacch Adedeji disclosed this at the National Assembly, Abuja on Monday, during an interactive session with the Senate Committee on Finance.

The disclosure by Adedeji followed a demand by the chairman of the Senate Finance Committee, Senator Sani Musa, who insisted on getting an answer from the FIRS chairman.

Adedeji had earlier told the committee that he would not be able to fix revenue performance target for 2026 in isolation of other intervening factors.

The chairman and members of the committee however, urged him to set a target, reminding him that the Service exceeded its 2025 revenue generation target of N25.2 trillion by 16 percent.

Dr Adedeji took time to clarify the controversy generated by the Memorandum of Understanding (MoU) signed by FIRS and with France’s Direction Générale des Finances Publiques, at the French embassy in Abuja.

The agreement was formalised by FIRS’ Dr. Zacch Adedeji, and the French Ambassador in Nigeria, Marc Fonbaustier.

The MoU establishes a framework for collaboration between the two agencies, focusing on strengthening tax administration, advancing digital processes, and building institutional capacity.

Explaining the MoU further, Adedeji said the FIRS Establishment Act approved such collaboration with relevant international tax agencies for mutual benefits.

According to him, there is nothing new in the MoU with the French agency, saying that FIRS had similar collaboration with relevant agencies in South Africa, United Kingdom and Singapore at one point or the other in the past.

The FIRS chair dismissed claims in some quarters that information on tax data of Nigerians could be exposed through such collaboration with foreign agencies.

Adedeji said, “Nobody can reveal or release anybody’s tax data to another person or any foreign agency. The French agency they are taking about cannot have access to the tax data of a single Nigerian so the fears are unfounded.”

By David Owei, Bayelsa

Chief Executive and Accounting Officer of the Provisionary Committee for the proposed Nigerian Coast Guard (PC-NCG), Captain Noah Ichaba says the establishment of Coast Guard as Maritime Law Enforcement Agency will enhance the country’s maritime security, prevent global embarrassment, and facilitate intelligence sharing with the international Coast Guard Network, ultimately contributing to the growth of Nigeria’s blue economy.

Captain Ichaba, in a statement issued on Saturday and endorsed by his Director of Communications & Public Affairs, Dr. Piriye Kiyaramo, noted that the Provisionary Committee of the proposed Nigerian Coast Guard is genuinely concerned with the US Coast Guard’s interception and seizure of a vessel on 10th December 2025, owned by a Nigerian-Registered Company, reportedly involved in Crude Oil Theft, Illicit Drug, Piracy, Money Laundering, flying Guyana’s flag and for other Transnational crimes.

“Without doubt, the afore stated offense has serious implications on Nigeria’s honour, as the crime involves treasonable felony, challenge of national sovereignty, threat to national security, crossing of legal and political red lines, and evoking an alarm among self-governing authorities.

“The sad effect of the reported ignominy is that; it has entered Nigeria in world record as a State that is well-known for bad doings. Such reference comes with incalculable damage and yet to be fathomed consequences as well as exacerbated diplomacy.

“The most unfortunate and sad pain is that, the above infamy was a preventable one if Coast Guard had been established before that scandalous incident, whether the vessel assailed from Nigeria’s jurisdiction or outside it.

It is pertinent to inform concerned authorities that the lashing travails and endoscopy bleeding that Nigeria’s Maritime Business Domain and name is suffering on the world stage, is majorly due to the absence of an autonomous Coast Guard Agency in Nigeria, which should have carried out its crucial duties of enforcing maritime law, of securing the Open Maritime Commercial Activities, Transactions, Engagements and of performing other critical functions, services and protocols.

“This pitiable situation which Nigeria finds herself in, as a Maritime Nation, calls for proportionate sympathy and patriotic redemptive action. Without that, Nigeria will face more of such national disgrace and international embarrassing undertakings, and will further indicate that the country’s efforts at growing Nigeria’s economy in a faster, better and steady manner will remain a mirage.

“This, incident therefore, calls for taking appropriate, adequate and timely action on creating Coast Guard; so as to place Nigeria at per with other maritime nations of the world in line with global best practices and desired international prestige as well as to deter public shame or disgrace.

“The establishment of the Nigerian Coast Guard is expected to have several benefits for the country. It’ll enhance maritime security by providing a dedicated agency to patrol and protect Nigeria’s waters, preventing illegal activities like piracy, smuggling, and oil theft.

“It will also bring Nigeria in line with global best practices, facilitating intelligence sharing and cooperation with international Coast Guard networks. This cooperation can help prevent global embarrassment, like incidents involving Nigerian waters or vessels, and promote a positive image of Nigeria’s maritime sector.

“A secure maritime environment can also drive growth in Nigeria’s blue economy by encouraging investment, promoting sustainable use of marine resources, and boosting trade. This can create jobs and stimulate economic development.

“To close that gap of misery, a remarkable action, in the best interest of the nation is to create Coast Guard without further delay, for it is the only truly recognized Maritime Law Enforcement Agency with the right occupational duty, organizational name and appropriate career nomenclature

“Another crushing pain in the whole matter is that, as long as Nigeria is involved and continue in maritime business without establishing Coast Guard which is one of the globally required Pillars of Maritime Business, Nigeria will continue to be at the mercy of Ardent Traitors, International Maritime Organization, Association of International Coastguard Network and such other related Bodies as well as Member States that has established Coast Guard in their respective countries.

“Agree or disagree, bilateral and multilateral diplomacy at those levels will be to Nigeria’s disadvantage. The antidote to this painful reality and succinct scenario is to establish Coast Guard without further delay, inaction or improper decision.

“Relevant Authorities are respectfully invited to kindly take into account the fact that time is of the essence, and history does not spare anyone because it has no regard for any person’s worth, weight and wiggle. The continued absence of Coast Guard from the working environment of Nigeria’s Maritime Community will continue to invite the world to jeer at Nigeria, in a more mocking manner, which they will leverage on.

“The interception and seizure of a Nigerian VLCC is indeed a stain on the country’s integrity and a matter of grave concern. Such incidents undermine Nigeria’s reputation as a reliable partner in the global maritime community and can have far-reaching economic implications.The incident highlights the need for robust maritime security measures to prevent such occurrences and protect Nigeria’s mariti

“The incident also raises questions about the effectiveness of Nigeria’s maritime security agencies and the need for improved coordination and collaboration to prevent and respond to such incidents,” the statement reads in part.