President Bola Tinubu says only about 17 percent of the 2025 capital budget, equivalent to N3.1 trillion, was released by the third quarter (Q3).
Presenting the 2026 budget on Friday to the national
assembly, Tinubu explained that the low implementation of the 2025 capital
budget is due to the focus on completing priority 2024 projects during the
transition period.
The president said that as of June 2025, N2.23 trillion was
released for 2024 capital projects, following the extension of the 2024 budget
execution to December 2025.
He said the 2025 budget implementation faced the realities
of transition and competing execution demands.
Tinubu noted revenue for the year was N18.6 trillion,
representing 61 percent of the target, and expenditure of N24.66 trillion,
representing 60 percent of the target.
“Let me be clear: 2026 will be a year of stronger discipline
in budget execution,” the president said.
“I have issued directives to the honourable minister of
finance and coordinating minister of the economy, the honourable minister of
budget and economic planning, the accountant‑general of the federation, and the
director‑general of the budget office of the federation to
ensure that the 2026 budget is implemented strictly in line with the
appropriated details and timelines.
“We expect improved revenue performance through the new
National Tax Acts and the ongoing reforms in the oil and gas sector—reforms
designed not merely to raise revenue, but to drive transparency, efficiency,
fairness, and long‑term value in our fiscal architecture.”
Tinubu asked government-owned enterprises (GOEs) to meet
revenue targets, announcing the digitisation of revenue mobilisation to curb
leakages and boost performance.
“I will also be unequivocal about government‑owned
enterprises. Heads of all GOEs are hereby directed to meet their assigned
revenue targets,” he said.
“To support this, we will deploy end‑to‑end
digitisation of revenue mobilisation—standardised e‑collections,
interoperable payment rails, automated reconciliation, data‑driven
risk profiling, and real‑time performance dashboards—so leakages are sealed, compliance is verifiable, and
remittances are prompt.”
The president added that the targets will form core
components of performance evaluations and institutional scorecards.
Tinubu reiterated that Nigeria can no longer afford
leakages, inefficiencies, or underperformance in strategic agencies, and every
institution must play its part.
The senate on Wednesday considered a bill seeking to repeal
and re-enact the 2024/2025 Appropriations Act, proposing a revised budget of
N43.56 trillion.
Tinubu had earlier transmitted the Appropriation, Repeal,
and Re-enactment Bill 2024 to the national assembly for consideration earlier
in the day.
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